Ashlee company records standard costs

Baxter Company sold 9,000 units at $125 per unit. Normal production is 9,400 units. Actual yards used: 45,760 yards hours at $6.25 per yard Actual hours worked: 22,250 hours at $14.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.50 hours per unit at $15.00 Standard: Variable overhead at $1.05 per unit Standard: Fixed overhead $211,500 (budgeted and actual amount) Actual total factory overhead: $237,000 Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Enter favorable variances as negative numbers. Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance. Baxter Company Income Statement Through Gross Profit For the Year Ending December 31 Sales Cost of goods soldat standard Gross profitat standard Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Net variance from standard cost-unfavorable Gross profit-actual