S. Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information. Baxter Company sold 8,600 units at S125 per unit. Normal production is 9,000 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variancc.) Actual yards used: 43,240 yards at $6.25 per yard Actual hours worked: 19,100 at S14.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.25 hours per unit at $15.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead S211,500 Actual total factory overhead $235,500 (budgeted and actual amount)