Prepare an income statement for the year ended December 31, through the gross profit for Baxter...

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 $145 per unit. Normal production is 9,000 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.)

Standard: 5 yards per unit at $6.30 per yard	Actual yards used: 43,240 yards at $6.25 per yard
Standard: 2.00 hours per unit at $15.00	Actual hours worked: 16,950 at $14.90 per hour
Standard: variable overhead $1.05 per unit
Standard: fixed overhead $198,000 (budgeted and actual amount)	Actual total factory overhead: $237,500

Baxter Company
Income Statement Through Gross Profit
For the Year Ended December 31
Sales			$
Cost of goods sold - at standard
Gross profit - at standard
	Favorable	Unfavorable
Less variances from standard cost
Direct materials price	$
Direct materials quantity		$
Direct labor rate
Direct labor time
Factory overhead controllable
Factory overhead volume

Gross profit - actual			$

Expert Solution

ekkarill92 answered 1 year ago

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