Instructions Baxter Company sold 8,800 units at $145 per unit. Normal production is 9.200 units Standard: 5 yards per unit at $6.30 per yard Standard: 3.00 hours per unit at $15.00 Standard: variable overhead at $1.05 per unit Actual yards used: 44,500 yards at $6.25 per yard Actual hours worked: 26,150 hours at $14.90 per hour Standard: fixed overhead $211,600 (budgeted and actual amount) Actual total factory overhead: $236,500 Required: Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Income Statement Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For Previous Next > THE CONDORIONT. Want besoining factory over manner amours as possive of Fur example: Net loss should be negative. Expenses should be positive 1 Sales Cost of goods sold at standard Gross profit-at standard Less variances from standard cost . Direct materials price 1 Direct materials quantity Direct labor rate Direct labor time 10 Factory overhead controllable 11 Factory overhead volume Net variance from standard cost-unfavorable 11 Gross profit-actual Baxter Company Income Statement Through Gross Profit For the Year Ending December 31 Unfavorable Favorable Mayt