Income statement with variances Instructions Income Statement Instructions Bellingham Company produces a product that requires 25 standard pounds per unit at a standard price of $3.75 per pound The company used 35,000 pounds to produce 15.000 units, which were purchased at $4.00 per pound Each unit requires 4 standard direct labor hours per unit at a standard hourly rate of 20 per hour For the 15000 units produced, 61.800 hours were needed and employees were paid an hourly rate of $19.85 per hour The company uses a standard variable overhead cost per unit of 80 90 per direct labor hour Actual 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 Berlingham Company for the month anding March 31. Assume Bengham sold 19 000 units at $172 por unt Enter a favorable variance Gs a negative number on a mission and an unfavorable variance as a positive number