Sheridan Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances: Materials price variance $1,000 U Labour quantity variance $750 U Materials quantity variance 750 F Overhead variance 700 U Labour price variance 400 U In addition, 7,000 units of product were sold at $7 per unit. Each unit sold had a standard cost of $4. Selling and administrative expenses were $7,000 for the month. Prepare an income statement for management for the month ended January 31, 2022. SHERIDAN COMPANY Income Statement For the Month Ended January 31, 2022$