8. The following data were taken from the records of Griggs Company for December:

Cost Category	Dollar Amount
Administrative expenses	$110,000
Cost of goods sold at standard	540,000
Direct materials price variance (unfavorable)	1,650
Direct materials quantity variance (favorable)	(540)
Direct labor rate variance (favorable)	(1,120)
Direct labor time variance (unfavorable)	420
Variable factory overhead controllable variance (favorable)	(210)
Fixed factory overhead volume variance (unfavorable)	3,080
Interest expense	2,070
Sales	869,000
Selling expenses	125,000

Prepare an income statement for presentation to management.