The following data were taken from the records of Nomad Company for March 2008:
Administrative expenses ............... $ 58,000
Cost of goods sold (at standard) ............ 885,500
Direct materials price variance—favorable ........ 1,800
Direct materials quantity variance—unfavorable ...... 2,250
Direct labor rate variance—favorable ............ 900
Direct labor time variance—unfavorable ......... 3,950
Variable factory overhead controllable variance—favorable . 4,625
Fixed factory overhead volume variance—unfavorable ... 11,000
Interest expense ................... 1,800
Sales ...................... 1,150,000
Selling expenses ................... 119,325

Prepare an income statement for presentation to management.