Baxter Company sold 8,800 units at $150 per unit. Normal production is 9,200 units. 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 $207,000 (budgeted and actual amount) Actual yards used: 44,500 yards hours at 56.25 per yard Actual hours worked: 21,750 hours at $14.90 per hour Actual total factory overhead: $236,000 Prepare an income statement that includes variances for the year ending December 31 through gross proht 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 Unfavorable Favorable Line Item Description Amount Amount 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