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E11-16 Fisk Company uses a standard

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E11-16 Fisk Company uses a standard cost accounting system. During January, the company
reported the following manufacturing variances.

Materials price variance  $1,200 U  Labor quantity variance  $750 U 
Materials quantity variance  800 F  Overhead variance  800 U 
Labor price variance  550 U 

In addition, 8,000 units of product were sold at $8 per unit. Each unit sold had a standard
cost of $5. Selling and administrative expenses were $8,000 for the month.

Prepare an income statement for management for the month ended January 31, 2014.

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