Income statement with variances

Bellingham Company produces a product that requires 2.5 standard pounds per unit at a standard price of $3.25 per pound. Assume Bellingham sold 18,000 units at $172 per unit. The company used 32,000 pounds to produce 18,000 units, which were purchased at $3.50 per pound. Each unit requires 3 standard direct labor hours per unit at a standard hourly rate of $19.95 per hour. For the 18,000 units produced, 63,200 hours were needed and employees were paid an hourly rate of $19.80 per hour. The company uses a standard variable overhead cost per unit of $0.80 per direct labor hour. Actual variable factory overhead was $30,510. The company uses a standard fixed overhead cost per unit of $1.05 per direct labor hour at 42,000 hours, which is 100% of normal capacity.

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Prepare an income statement through gross profit for Bellingham Company for the month ending March 31. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank.

Bellingham Company
Income Statement Through Gross Profit
For the Month Ended March 31
Sales						$
Cost of goods sold at standard
Gross profit at standard						$
		Favorable		Unfavorable
Variances from standard cost:
Direct materials price		$		$
Direct materials quantity
Direct labor rate
Direct labor time
Factory overhead controllable
Factory overhead volume
Net variances from standard cost - unfavorable
Gross profit						$