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 $135 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: 2.75 hours per unit at $16.00 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: 23,950 at $15.90 per hour Actual total ctory overhead: $236,000 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold - at standard Gross profit - at standard Favorable Unfavorable Variances from standard costs Direct materials price Direct materials quantity Bobca ? 3 ENG 10:53 AM 7/9,202 Actual hours worked: 23,950 at $15.9 Standard: 2.75 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $202,400 (budgeted and actual amount) Actual total factory overhead: $236,00 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales Cost of goods sold - at standard Gross profit - at standard Favorable Unfavorable Variances from standard costs Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Gross profit - actual