Chapter 11, Problem 11.16E

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

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

Instructions

Prepare an income statement for management for the month ended January 31, 2017.