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Swank, Kassandra Michelle

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Venneman Company produces a product that requires $3\mathrm{.}5$ standard pounds per unit. The standard price is $$5\mathrm{.}10$ per pound. The company produced $14,000$ units that required $48,000$ pounds, which were purchased at $$5\mathrm{.}40$ per pound. The product also requires $4$ standard hours per unit at a standard hourly rate of $$12$ per hour. The $14,000$ units required $58,000$ hours at an hourly rate of $$11\mathrm{.}85$ per hour. In addition, the standard variable overhead cost per unit is $$0\mathrm{.}80$ per hour and the actual variable factory overhead was $$46,100.$ Finally, the standard fixed overhead cost per unit is $$0\mathrm{.}95$ per hour at $55,000$ hours, which is $100\%$ of normal capacity. Assume that Venneman sold $14,000$ units at $$165$ per unit.

Required:

Prepare an income statement through gross profit for Venneman Company for the month ended March $31.$ Refer to the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter all amounts as positive numbers except favorable variances. Use a minus sign to indicate favorable variances. A colon $($:$)$ will automatically appear for you if it is required.