Question: Prepare a 2016 income statement through gross profit for Lo-bed Company, using the variance data in Practice Exercises -1A, -2A, -3A, and -4A. Assume Lo-bed

Prepare a 2016 income statement through gross profit for Lo-bed Company, using the variance data in Practice Exercises -1A, -2A, -3A, and -4A. Assume Lo-bed sold 4,000 units at $250 per unit.

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