Need help with this problem (number 18). Need help with the blank data. Thanks! Baxter Company sold 8,600 units at $140 per unit. Normal production is 9,000 units.Standard: 5 yards per unit at $6.30 per yardStandard: 2.75 hours per unit at $15.00Standard: Variable overhead at $1.05 per unitStandard: Fixed overhead $198,000 (budgeted and actual amount)Actual yards used: 43,240 yards hours at $6.25 per yardActual hours worked: 23,400 hours at $14.90 per hourActual total factory overhead: $235,500Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company using the above information. Enter favorable variances as negative numbers. Do notround fixed overhead rate calculation when determining fixed factory overhead volume variance.Baxter CompanyIncome Statement Through Gross ProfitFor the Year Ending December 31Line Item DescriptionSalesCost of goods sold-at standardGross profit-at standardLess variances from standard costDirect materials priceDirect materials quantityDirect labor rateDirect labor timeFactory overhead controllableFactory overhead volumeNet variance from standard cost-unfavorableGross profit-actualUnfavorableAmountFavorableAmountAmount

Name: Need help with this problem (number 18). Need help with the blank data
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Need help with this problem (number 18). Need help with the blank data. Thanks! Baxter Company sold 8,600 units at $140 per unit. Normal production is 9,000 units.Standard: 5 yards per unit at $6.30 per yardStandard: 2.75 hours per unit at $15.00Stan