6 Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $138 per unit. Its standard cost per unit produced is $108 and its selling and administrative expenses totaled $236,500. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year nts eBook Print Materials price variance $ 6,800F Materials quantity variance $ 10,500 u Labor rate variance $ 3,800 Labor efficiency variance $4,700 F Fixed overhead budget variance $ 2,800 F Fixed overhead volune variance $ 12,300 F Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year. eferences Complete this question by entering your answers in the tabs below. Required 1 Required 2 When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? The cost of goods sold will Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year. Forsyth Company Income Statement For the Year Total variance adjustments