Bellingham Company produces a product that requires 25 standard pounds per unit at a standard price of 53 75 per pound. The company used 36,000 pounds to produce 15,000 units, which were purchased at $100 per pound Each unt requires 4 standard direct labor hours per unit at a standard hourly rate of $20 per hour For the 15,000 units produced, 61 800 hours were needed and employees were paid an hourly rate of $1985 per hour The company uses a standard variable overhead cost per unit of $0.90 per direct labor hour Achaal variable factory overhead was $52.770 The company uses a standard fixed overhead cost per unit of $1 15 per direct labor hour at 58,000 hours, which is 100% of normal capacity Required: Prepare an income statement through gross profit for Bellingham Company for the month ending March 31 Assume Bellingham sold 15,000 units at $172 per unit Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Income statement with variances Instructions Income Statement Instructions Income Statement WEWE 1 Sales 2 Cost of goods sold-at standard 3 Gross profit-at standard 4 Favorable Unfavorable 3 Variances from standard cost: 3 Direct materials price 7 Direct materials quantity Direct labor rate Direct labor time 10 Factory overhead controllable 11 Factory overhead volume Net variances from standard cost--favorable 9 15 Gross profit