Using the following data from the records of Starts Inc. for November of the current year, prepare an income statement (through operating income) that includes variances for presentation to management: Administrative expenses $ 63,200 Cost of goods sold (at standard) 350,000 Direct materials quantity variance-favorable 550 Direct materials price variancefavorable 3,200 600 Direct labor time variance unfavorable Direct labor rate variance favorable 750 Factory overhead volume variance unfavorable 8,000 Factory overhead controllable variance-favorable 2,500 Sales 690,000 Selling expenses 172,000