Income statement with variances Bellingham Company produces a product that requires 2.5 standard pounds per unit at a standard price of $3.10 per pound. Assume Bellingham sold 17,000 units at $164 per unit. The company used 32,000 pounds to produce 17,000 units, which were purchased at $3.35 per pound. Each unit requires 3 standard direct labor hours per unit at a standard hourly rate of $20.10 per hour. For the 17,000 units produced, 61,200 hours were needed and employees were paid an hourly rate of $19.95 per hour. The company uses a standard variable overhead cost per unit of $0.80 per direct labor hour. Actual variable factory overhead was $30,490. The company uses a standard fixed overhead cost per unit of $1.05 per direct labor hour at 47,000 hours, which is 100% of normal capacity. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.