Instructions 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 846,100. 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 Venrieman 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 Indicate favorable variances. A colon () will automatically appear for you if it is required. Shaded cells have loedback Income Statement Prepare an income statement through gross profit for Vennoman Company for the month oided March 31. Peter to the list of Labels and Amount Doscriptions for the exact wording of text entries, Enteral amounts as positive numbers except favorable variances. Use a minus aign to indicato favorable variances. Acolon () will automationly appear for you if it is required. Venneman Company Score: 74/115 CS Scanneclingwa ile mein Though ers Polanner O For the Month Ended March 31 Score: 74/115 Venneman Company Income Statement Through Gross Profit For the Month Ended March 31 $2,310,000.00 i Sales 2 Cost of goods sold-at standard 5 Gross profit-at standard 5 Unfavorable Favorable 6 Variance adjustments to gross profit at standard: 1 Direct materials quantity & Direct labor rate 9 Direct labor time 10 Factory overhead controllable 11 Factory overhead volume 12 Direct materials price 13 Less net unfavorable variance from standard 14 Gross profit CS Scanned with CamScanner