The following data were taken from the records of Griggs Company for December: Administrative expenses $100,800 Cost of goods sold (at standard) 550,000 Direct materials price variance-unfavorable 1,680 Direct materials quantity variance-favorable (560) Direct labor rate variance-favorable (1,120) 490 Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable (210) 3,080 Interest expense 2,940 Sales 868,000 Selling expenses 125,000 Labels Variances from standard cost Operating expenses Other expense Amount Descriptions Administrative expenses Cost of goods sold at standard Depreciation of plant and equipment Direct labor rate Direct labor time Direct materials price Direct materials quantity Fixed factory overhead volume Gross profit Gross profit-at standard Income before income tax Income from operations Insurance and property taxes Interest expense Loss before income tax Loss from operations Net variance from standard cost-unfavorable Sales Selling expenses Total operating expenses Griggs Company Income Statement For the Month Ended December 31 1 2 3 Favorable Unfavorable 6. (Label) 7 10 11 12 11 14 is Labell 16 17 19 20 (Label) 21 11 The following data were taken from the records of Griggs Company for December: Administrative expenses $100,800 Cost of goods sold (at standard) 550,000 Direct materials price variance-unfavorable 1,680 (560) Direct materials quantity variance-favorable Direct labor rate variance-favorable (1,120) Direct labor time variance-unfavorable 490 (210) Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable 3,080 Interest expense 2,940 Sales 868,000 Selling expenses 125,000 Required: Prepare an income statement for presentation to management. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. A colon () will automatically appear for you if it is required. Variances from standard cost Operating expenses Other expense Amount Descriptions Administrative expenses Cost of goods sold-at standard Depreciation of plant and equipment Direct labor rate Direct labor time Direct materials price Direct materials quantity Fixed factory overhead volume Gross profit Gross profit-at standard Income before income tax Income from operations Insurance and property taxes Interest expense Loss before income tax Loss from operations Net variance from standard cost-unfavorable Sales Selling expenses Total operating expenses Total variances from standard cost Griggs Company Income Statement For the Month Ended December 31 1 2 3 Favorable Unfavorable 6. (Label) . 10 11 12 13 14 15 (Label 16 12 11 19 19 20 (Label 21 22
