The following data were taken from the records of Griggs Company for December 2014:
Administrative expenses ................. $ 100,800
Cost of goods sold (at standard) ............... 550,000
Direct materials price variance—unfavorable ......... 1,680
Direct materials quantity variance—favorable .......... 560
Direct labor rate variance—favorable ............. 1,120
Direct labor time variance—unfavorable ........... 490
Variable factory overhead controllable variance—favorable .... 210
Fixed factory overhead volume variance—unfavorable ...... 3,080
Interest expense ..................... 2,940
Sales .......................... 868,000
Selling expenses .................... .. 125,000
Prepare an income statement for presentation to management.