Income Statement with Variances Dvorak Company produces a product that requires standard pounds per unit. The standard price is $2.50 per pound. The company produced 1,000 units that required 4,500 pounds, which were purchased at $3.00 per pound. The product also requires 3 standard hours per unit at a standard hourly rate of $17 per hour. The 1,000 units produced required 2,800 hours at an hourly rate of $16.50 per hour. In addition, the standard variable overhead cost per unit is $1.40 per hour and the actual variable factory overhead was $4,000. Finally, the standard fixed overhead cost per unit is $0.60 per hour at 3,500 hours, which is 100% of normal capacity. Prepare an income statement through gross profit for Dvorak Company for the month ended July 31. Assume that Dvorak sold 1.000 units at $90 per unit. If an amount box does not require an entry, leave it blank or enter"0", Dvorak Company Income Statement through Gross Profit For the Month Ended July 31 Sales Cost of goods sold-at standard Gross profit-at standard Unfavorable Favorable Plus variance adjustments to gross profit-at standard: Direct materials price Direct materials quantity Direct labor rate Direct labor time Dvorak Company Income Statement Through Gross Profit For the Month Ended July 31 Sales Cost of goods sold-at standard 8 Gross profit-at standard Unfavorable Favorable Plus variance adjustments to gross profit-at standard: Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume. Net variance from standard cost-favorable Gross profit-actual