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Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,000 units at $140 per unit. Normal production is 9,400 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Actual yards used: 45,760 yards at $6.25 per yard Actual hours worked: 22,250 at $15.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.50 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $206,800 (budgeted and actual amount) Actual total factory overhead: $236,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales 1,260,000 Cost of goods sold - at standard 850,950 Gross profit - at standard 409,050 Favorable Unfavorable Variances from standard costs Direct materials price 2,288 Direct materials quantity 4,788 Direct labor rate 2,225 Direct labor time 4,000 Factory overhead controllable 20,250 Factory overhead volume 9,440 25,965 Gross profit - actual 383,085

Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,000 units at $140 per unit. Normal production is 9,400 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Actual yards used: 45,760 yards at $6.25 per yard Actual hours worked: 22,250 at $15.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.50 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $206,800 (budgeted and actual amount) Actual total factory overhead: $236,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales 1,260,000 Cost of goods sold - at standard 850,950 Gross profit - at standard 409,050 Favorable Unfavorable Variances from standard costs Direct materials price 2,288 Direct materials quantity 4,788 Direct labor rate 2,225 Direct labor time 4,000 Factory overhead controllable 20,250 Factory overhead volume 9,440 25,965 Gross profit - actual 383,085

FINANCIAL ACCOUNTING
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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I am not sure if my answears are right.  please complete the income statement below. Thanks.

Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,000 units at $140 per unit. Normal production is 9,400 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Actual yards used: 45,760 yards at $6.25 per yard Actual hours worked: 22,250 at $15.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.50 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $206,800 (budgeted and actual amount) Actual total factory overhead: $236,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales 1,260,000 Cost of goods sold - at standard 850,950 Gross profit - at standard 409,050 Favorable Unfavorable Variances from standard costs Direct materials price 2,288 Direct materials quantity 4,788 Direct labor rate 2,225 Direct labor time 4,000 Factory overhead controllable 20,250 Factory overhead volume 9,440 25,965 Gross profit - actual 383,085
Transcribed Image Text:Prepare an income statement for the year ended December 31, through the gross profit for Baxter Company using the following information: Baxter Company sold 9,000 units at $140 per unit. Normal production is 9,400 units. (Do not round fixed overhead rate calculation when determining fixed factory overhead volume variance.) Enter favorable variances as negative numbers. Actual yards used: 45,760 yards at $6.25 per yard Actual hours worked: 22,250 at $15.90 per hour Standard: 5 yards per unit at $6.30 per yard Standard: 2.50 hours per unit at $16.00 Standard: variable overhead $1.05 per unit Standard: fixed overhead $206,800 (budgeted and actual amount) Actual total factory overhead: $236,500 Baxter Company Income Statement Through Gross Profit For the Year Ended December 31 Sales 1,260,000 Cost of goods sold - at standard 850,950 Gross profit - at standard 409,050 Favorable Unfavorable Variances from standard costs Direct materials price 2,288 Direct materials quantity 4,788 Direct labor rate 2,225 Direct labor time 4,000 Factory overhead controllable 20,250 Factory overhead volume 9,440 25,965 Gross profit - actual 383,085
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