Use the above information to prepare a standard cost income statement for Whitmer, as a guide....

Standard cost income statement Consider the following information:

Cost of goods sold	$367,000	Direct labor efficiency variance	$18,000 F
Sales revenue	$550,000	Variable overhead efficiency variance	$ 3,400 U
Direct materials price variance	$ 8,000 U	Fixed overhead volume variance	$12,000 F
Direct materials efficiency variance	$ 2,800 U	Marketing and administrative costs	$77,000
Direct labor price variance	$ 42,000 U	Variable overhead spending variance	$ 700 F
Fixed overhead spending variance	$ 1,900 F	Â	Â

Requirement

1. Use the above information to prepare a standard cost income statement for Whitmer, as a guide. Remember that unfavorable variances increase cost of goods sold.