Current Attempt in Progress Vaughn Company uses a standard cost accounting system. During January, the company reported the following manufacturing variances. Materials price variance $1,250 U Labor quantity variance $760 U Materials quantity variance 710 F Overhead variance 870 U Labor price variance 520 U In addition, 8,700 units of product were sold at $8 per unit. Each unit sold had a standard cost of $5. Selling and administrative expenses were $7,060 for the month. Prepare an income statement for management for the month ended January 31, 2022. VAUGHN COMPANY Income Statement $ > >