Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017. Costs and Production Data Actual Standard Raw materials unit cost $2.10 $1.95 Raw materials units used 11,100 10,300 Direct labor payroll $165,000 $160,650 Direct labor hours worked 15,000 15,300 Manufacturing overhead incurred $232,308 Manufacturing overhead applied $235,008 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $69,600 Variable overhead rate per machine hour $3.20 Fixed overhead rate per machine hour $1.60 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $458,000. Selling and administrative expenses were $42,000. Assume that the amount of raw materials purchased equaled the amount used. Collapse question part (a) Correct answer. Your answer is correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to 0 decimal places, e.g. 125.) (1) Total materials variance $ Entry field with correct answer 3225 Entry field with correct answer Materials price variance $ Entry field with correct answer 1665 Entry field with correct answer Materials quantity variance $ Entry field with correct answer 1560 Entry field with correct answer (2) Total labor variance $ Entry field with correct answer 4350 Entry field with correct answer Labor price variance $ Entry field with correct answer 7500 Entry field with correct answer Labor quantity variance $ Entry field with correct answer 3150 Entry field with correct answer SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 3 of 5 used Collapse question part (b) Correct answer. Your answer is correct. Compute the total overhead variance. Total overhead variance $ Entry field with correct answer 2700 Entry field with correct answer SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 1 of 5 used Collapse question part (c) Partially correct answer. Your answer is partially correct. Try again. Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 125.) AYALA CORPORATION Income Statement Entry field with correct answer Entry field with correct answer $ Entry field with correct answer 458000 Entry field with correct answer Entry field with correct answer 415743 Entry field with correct answer Entry field with correct answer 42257 Entry field with correct answer Entry field with correct answer $ Entry field with correct answer 1665 Entry field with correct answer Entry field with correct answer Entry field with correct answer 1560 Entry field with correct answer Entry field with correct answer Entry field with correct answer 7500 Entry field with correct answer Entry field with correct answer Entry field with correct answer 3150 Entry field with correct answer Entry field with correct answer Entry field with incorrect answer 2700 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer 12135 Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer now contains modified data Entry field with correct answer $ Entry field with incorrect answer