Sheffield Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances: $1,270 U $770 U Materials price variance Materials quantity variance Labour price variance Labour quantity variance Overhead variance 790 F 8500 490 U In addition 8,800 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $8,700 for the month Prepare an income statement for management for the month ended January 31, 2022