Instructions Labels and Amount Descriptions Income Statement Instructions Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $6.10 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 68,000 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 valiable factory overhead was $46,100. Finally, the standard fixed overhead cost per unit is $0.96 per hour at 56,000 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. Refer to the data of Labels and Amount Descriptions for the exact wording of text entrlos. Enter all amounts as positive numbers except favorablo variances. The a minus sign to indicato favorable variances. A colon () will automatically appear for you if it is required. Instructions Labels and Amount Descriptions Income Statement Labels and Amount Descriptions Labels For the Month Ended March 31 For the Year Ended March 31 Variance adjustments to gross profit at standard Amount Descriptions Add net favorable variance from standard Cost of goods sold-at standard Direct labor rate Direct labor time Direct materials price Direct materials quantity Factory overhead controllable Factory overhead volume Gross profit-at standard Gross profit Less net unfavorable variance from standard Sales Income Statement Prepare an income staternent through gross profit for Vennoman Company for the month ended March 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicato favorable variances. A colon () will automatically appear for you if it is required. Venneman Company Income Statement Through Gross Profit For the Year Ended March 31 3 4 5 Unfavorable Favorable 6 Label) 7 Instructions Labels and Amount Descriptions Income Statement Income Statement Venneman Company Income Statement Through Gross Profit For the Year Ended March 31 1 2 5 4 5 Unfavorable Favorable Label 7 . 10 11 12 13 34