Instructions Lo-bed Company produces a product that requires two standard gallons per unit. The standard price is $20.00 per gallon. Assume the company produced 4,000 units of product. The 4,000 units required 8,200 gallons, which were purchased at $19.75 per gallon. The product requires four standard hours per unit at a standard hourly rate of $28.00 per hour. The 4,000 units required 16,750 hours at an hourly rate of $28.40 per hour. The standard variable overhead cost per unit is $3.00 per hour. The actual variable factory overhead was $51,240. The standard fixed overhead cost per unit is $1.20 per hour at 16,400 hours, which is 100% of normal capacity. Income Statement Prepare a 2016 income statement through gross profit for Lo-bed Company. Assume the company sold 4,000 units at $250 per unit. Enter all amounts as positive numbers except favorable variances. Lo-bed Company Income Statement through Gross Profit For the Year Ended December 31, 2016 Sales Cot of goods sold-2t standard SGross profit-at standard Favorable Unvorable Less variances from standard cost Direct materials price Direct materials quantity Direct labor rate 9Direct labor time Factory overhead controllable Fctory overhead volume 12 Total variances from standard cost Gross profit-actual