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. is 100% of normal capacity. Prepare a 2016 income statement through gross profit for Lo-bed Company. Enter all amount as positive numbers except favorable variances