Baxter Company sold 9,200 units at $130 per unit. Normal production is 9,600 units Actual yards used: 47,020 yards at 56.25 per yard Actual hours worked: 25,050 hours at $14.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.75 hours per unit at $15.00 Standard: variable overhead at $1.05 per unit Standard: fixed overhead S211,200 (budgeted and actual amount) Actual total factory overhead: $237,500 Required: Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive Income Statement Through Gross Profit For the Year Ending December 31 Sales Cost of goods sold at standard Gross profit-at standard Unfavorable Favorable Less variances from standard cost: Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume 12 Net variance from standard cost-unfavorable 15 Gross profit-actual