Yi.15. Baxter CompanyIncome Statement Through Gross ProfitFor the Year Ending December 31SalesCost 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-actualUnfavorable Favorable Baxter Company sold 8,800 units at $145 per unit. Normal production is 9,200 units.Standard: 5 yards per unit at $6.30 per yardStandard: 2.00 hours per unit at $15.00Standard: Variable overhead at $1.05 per unitStandard: Fixed overhead $207,000 (budgeted and actual amount)Actual yards used: 44,500 yards hours at $6.25 per yardActual hours worked: 17,350 hours at $14.90 per hourBaxter CompanyIncome Statement Through Gross ProfitFor the Year Ending December 31Actual total factory overhead: $236,500Prepare an income statement that includes variances for the year ending December 31 through gross profit for Baxter Company usingthe above information. Enter favorable variances as negative numbers. Do not round fixed overhead rate calculation whendetermining fixed factory overhead volume variance.

Income statement refers to a statement showing the details of all the revenue generated and expenses…

Income Statement Through Gross Profit For the Year Ending December 31 Sales Cost of goods sold-at standard Gross profit-at standard Less variances from standard cost Direct materials price Unfavorable Favorable

Income Statement Through Gross Profit For the Year Ending December 31 Sales Cost of goods sold-at standard Gross profit-at standard Less variances from standard cost Direct materials price Unfavorable Favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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