Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020 Costs and Production Data Actual Standard Raw materials unit cost $2.25 $2.10 Raw materials units 10,600 10,000 Direct labor payroll $120,960 $120,000 Direct labor hours 14,400 15,000 Manufacturing overhead incurred $189,500 Manufacturing overhead applied $193,500 Machine hours expected to be used at normal capacity 42,500 Budgeted foved overhead for June $55,250 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.30 Overhead is applied on the basis of standard machine hours, 3.00 hours of machine time are required for each direct labor hour. The jobs were sold for $400,000 Seting and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and finala AYALA CORPORATION Income Statement June 30, 2020 For the Year Ended June 30, 2020 For the Month Ended June 30, 2020 $ $