Baxter Company sold 8,600 units at $140 per unit. Normal production is 9,000 units. 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 vanances 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 sold-at standard Gross profit-at 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