Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 8,800 units at $145 per unit. Normal production is 9,200 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Standard: 5 yards per unit at $6.30 per yard Standard: 2.50 hours per unit at $15.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $202,400 (budgeted and actual amount) Actual yards used: 44,500 yards at $6.25 per yard Actual hours worked: 21,750 at $14.90 per hour Actual total factory overhead: $237,000 factory overhead: $237,000