silverado Company produces a product that requires 3.0 standard pounds per unit at a standard price of $6.00 per pound. The company used 23,900 pounds to produce 8,000 units, which were purchased at $6.20 per pound. Each unit requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. For the 8,000 units produced, 60,200 hours were needed and employees were paid an hourly rate of $21.95 per hour. The company uses a standard variable overhead cost per unit of $1.45 per direct labor hour. Actual variable factory overhead was $85,900. The company uses a standard fixed overhead cost per unit of $2.00 per direct labor hour at 55,000 hours, which is 100% of normal capacity. Required: Prepare an income statement through gross profit for silverado Company for the month ended March 31. Assume silverado sold 8,000 units at $250 per unit.

1 Sales 2 Cost of goods sold-at standard 3 Gross profit-at standard \begin{tabular}{|l|l|} \hline 4 & Variances from standard cost: \\ \hline 5 : \\ & \end{tabular} 6 Direct materials price 7 Direct materials quantity 8 Direct labor rate 9 Direct labor time 10 Factory overhead controllable 11 Factory overhead volume 12 Net variances from standard cost-favorable 13 Gross profit 1 Sales 2 Cost of goods sold-at standard 3 Gross profit-at standard \begin{tabular}{|l|l|} \hline 4 & Variances from standard cost: \\ \hline 5 : \\ & \end{tabular} 6 Direct materials price 7 Direct materials quantity 8 Direct labor rate 9 Direct labor time 10 Factory overhead controllable 11 Factory overhead volume 12 Net variances from standard cost-favorable 13 Gross profit