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 $130 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 Actual yards used: 44,500 yards at $6.25 per yard Standard: 2.00 hours per unit at $16.00 Actual hours worked: 17,350 at $15.90 per hour Standard: variable overhead $1.05 per unit Standard: fixed overhead $202,400 (budgeted and actual amount) Actual total factory overhead: $235,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales goods sold - at standard Cost 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