Baxter Company said 8,800 units at $130 per unit. Normal production is 9,200 units Standard S yards per unit at $6.30 per yard Standard: 2.25 hours per unit at $16.00 Standard Variable overhead at $1.05 per unit Standard: Fixed overhead $202,400 (budgeted and actual amount) Actual yards used: 44,500 yards hours at $6.25 per yard Actual hours worked: 19,550 hours at $15.50 per hour Actual total factory overhead: $237,500 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 Erking December 31 Line Item Description Sales Cost of goods soldat standard Gross profit-at standard Less variances from standard cost Deect materials price Direct materials Quantity Decorat Direct labor time Factory overhead controllable factiometeadume Unfavorable Favorable Amount Amount Amount 000 1000 0 00