Question 4 (25 marks) ABC uses a standard cost accounting system. During January the company reported the following: $1,500 F Material Price Variance $1,300 U Material Quantity Variance $750 U Labour Price Variance $1,300 U Labour Quantity Variance $600 F |Overhead Controllable Variance $4,000 U Overhead Volume Variance 12,000 Units were Sold $20 per Unit Selling Price $14 Standard Cost $11,000 Selling & Administration Costs Instructions Prepare an income statement for January 31, current year