Lake Company uses a standard cost accounting system. During March, 2011, the company reported the following manufacturing variances: 
In addition, 15,000 units of product were sold at $18 per unit. Each unit sold had a standard cost of $12. Selling and administrative expenses for the month were $10,000.
Instructions
Prepare an income statement for management for the month ending March 31, 2011.
Definitions:
Knowledge, Skills, Abilities (KSAs)
The set of competencies required for performing tasks effectively in a professional environment.
Interrelated Steps
Sequential actions or processes that are connected and dependent on each other, leading to a specific outcome or goal.
Structured Interviews
Structured interviews involve a standardized method of questioning job candidates, using the same set of predetermined questions for all interviews to ensure fairness and consistency.
Observation
The action or process of closely monitoring or scrutinizing something or someone to gather information.
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