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Lo-bed Company produces a product that requires two standard gallons per unit. The standard price is $20.00 per gallon. Assume the company produced 4,000 units of product. The 4,000 units required 8,200 gallons, which were purchased at $19.75 per gallon. The product requires four standard hours per unit at a standard hourly rate of $28.00 per hour. The 4,000 units required 16,750 hours at an hourly rate of $28.40 per hour. The standard variable overhead cost per unit is $3.00 per hour. The actual variable factory overhead was $51,240. The standard fixed overhead cost per unit is $1.20 per hour at 16,400 hours, which is 100% of normal capacity.Prepare a 2016 income statement through gross profit for Lo-bed Company. Assume the company sold 4,000 units at $250 per unit. Enter all amounts as positive numbers except favorable variances.

Prepare a 2016 income statement through gross profit for Lo-bed Company. Enter all amounts as positive numbers except favorable variances.

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