Income Statement with Variances Instructions Labels and Amount Descriptions Income Statement Instructions X Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per pound. The company produced 14,000 units that required 48,000 pounds, which were purchased at $5.40 per pound. The product also requires 4 standard hours per unit at a standard hourly rate of $12 per hour. The 14,000 units required 58,000 hours at an hourly rate of $11.85 per hour. In addition, the standard variable overhead cost per unit is $0.80 per hour and the actual variable factory overhead was $46,100. Finally, the standard fixed overhead cost per unit is $0.95 per hour at 55,000 hours, which is 100% of normal capacity. Assume that Venneman sold 14,000 units at $165 per unit. Required: Prepare an income statement through gross profit for Venneman Company for the month ended March 31.