ncome statement indicating standard cost variances Instructions Labels and Amount Descriptions Income Statement Instructions The following data were taken from the records of Griggs Company for December: Administrative expenses Cost of goods sold (at standard) Direct materials price variance-unfavorable Direct materials quantity variance-favorable $100,800 550,000 Direct labor rate variance-favorable Direct labor time variance-unfavorable Variable factory overhead controllable variance-favorable Fixed factory overhead volume variance-unfavorable Interest expense Sales Selling expenses 1,680 (560) (1,120) 490 (210) 3,080 2,940 868,000 125,000 Prepare an income statement for presentation to management. Enter all amounts as positive numbers except favora choices for text entries