Question

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.