Question 24 Barselona Inc. determined its variances as follows for the month of March 2020: Materials price variance Labour quantity variance Materials quantity variance Overhead variance Labour price variance $3,260 U $950 U $945 F $700 u $550 U In addition, they made sales of $46,040 and incurred cost of goods sold of $23,410 at standard cost in March. Selling and administrative expenses were $15,910 for the month. Prepare an income statement for Barselona for the month ended March 31, 2020. BARSELONA INC. Income Statement For the Month Ended March 31, 2020 Sales Revenue Cost of goods sold (at standard) Gross profit (at standard) Variances