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.) Gross Profit Operating Income Watson Company Standard Cost Income Statement For the Year Ended December 31, 2018 Cost of Goods Sold at actual Cost of Goods Sold at standard Direct Labor Cost Variance income statement for Watson Company for 2018. (Use a minus sign or parentheses to enter any contra expenses. Direct Labor Efficiency Variance Direct Materials Cost Variance Direct Materials Efficiency Variance Fixed Overhead Cost Variance Fixed Overhead Volume Variance Manufacturing Cost Variances: Sales Revenue Selling and Administrative Expenses Total Manufacturing Cost Variances Variable Overhead Cost Variance Variable Overhead Efficiency Variance iny Statement mber 31, 2018 Operating Income Data table Cost of Goods Sold (at standard) Sales Revenue (at standard) Direct Materials Cost Variance Direct Materials Efficiency Variance Direct Labor Cost Variance Fixed Overhead Cost Variance $ 364,000 Direct Labor Efficiency Variance 560.000 Variable Overhead Efficiency Variance 8,000 U Fixed Overhead Volume Variance 2,200 U Selling and Administrative Expenses 43.000 U Variable Overhead Cost Variance 2,200 F $16,000 F 3,200 U 12.100 F 75,000 1,600 F