Use the following information to prepare a standard cost income statement for Smithson Company for 2016. Cost

Use the following information to prepare a standard cost income statement for Smithson Company for 2016.

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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 $364,000 540,000 7,700 U 2,700 U 50,000 U 1,100 F Direct Labor Efficiency Variance Variable Overhead Efficiency Variance Fixed Overhead Volume Variance Selling and Administrative Expenses Variable Overhead Cost Variance $ 15,000 F 3,000 U 11,800 F 78,000 1,200 F