Prepare an income statement through gross profit for Bellingham Company for the month ending March 31. Assume Bellingham sold 15,000 units at $172 per unit. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Bellingham Company produces a product that requires 2.5 standard pounds per unit at a standard price of $3.75 per pound. The company used 36,000 pounds to produce 15,000 units, which were purchased at $4.00 per pound. Each unit requires 4 standard direct labor hours per unit at a standard hourly rate of $20 per hour. For the 15,000 units produced, 61,800 hours were needed and employees were paid an hourly rate of $19.85 per hour. The company uses a standard variable overhead cost per unit of $0.90 per direct labor hour. Actual variable factory overhead was $52,770. The company uses a standard fixed overhead cost per unit of $1.15 per direct labor hour at 58,000 hours, which is 100% of normal capacity. Required: Prepare an income statement through gross profit for Bellingham Company for the month ending March 31. Assume Bellingham sold 15,000 units at $172 per unit. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. \begin{tabular}{|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ For the Month Ended March 31 } \\ \hline 1 & Sales \\ \hline 2 & Cost of goods sold-at standard \\ \hline 3 & Gross profit-at standard & \\ \hline 4 & & & \\ \hline 5 & Variances from standard cost: & \\ \hline 6 & Direct materials price & Favorable & Unfavorable \\ \hline 7 & Direct materials quantity & \\ \hline 8 & Direct labor rate & \\ \hline 9 & Direct labor time & \\ \hline 10 & Factory overhead controllable \\ \hline 11 & Factory overhead volume & \\ \hline 12 & Net variances from standard cost-favorable \\ \hline 13 & Gross profit \\ \hline \end{tabular}