s Question Help o 523-14 (similar to) Use the following information to prepare a standard cost income statement for Watson Company for 2018. (Use a minus sign or parentheses to enter any contra expenses. Enter all other amounts as positive numbers.) (Click the icon to view the information.) Watson Company Standard Cost Income Statement For the Year Ended December 31, 2018 - X Data Table $ $18,000 F 3.600 U Cost of Goods Sold (at standard) Sales Revenue (at standard) Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance 363,000 Direct Labor Efficiency Variance 530,000 Variable Overhead Efficiency Variance 7,300 U Fixed Overhead Volume Variance 3,000 U Selling and Administrative Expenses 50,000 U Variable Overhead Cost Variance 11,600 F 73,000 1,400 F Fixed Overhead Cost Variance 1,400 F Print Done Gross Profit Operating Income