Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Actual Standard $2.25 $2.10 10,600 10,000 $120,960 $120,000 14,400 15,000 $189,500 $193,500 42,500 $55,250 $3.00 $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. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. (a) Your answer is partially correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance (2) Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance eTextbook and Media List of Accounts Save for Later +A +A 2800 Unfavorable 1120 Unfavorable $ 1680 Unfavorable +A +A +A 8380 Unfavorable 10500 Unfavorable 2120 Favorable Attempts: unlimited Submit Answer (b) Compute the total overhead variance. Total overhead variance $ 2300 Favorable eTextbook and Media List of Accounts Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Attempts: unlimited Submit Answer Sales Revenue Cost of Goods Sold Gross Profit (at Standard) Variances Materials Price Variance Materials Quantity Variance Labor Price Variance Labor Quantity Variance Overhead Variance Total Variance Gross Profit (Actual) Selling and Administrative Expenses Net Income/(Loss) GA AYALA CORPORATION Income Statement For the Month Ended June 30, 2020 1120 Unfavorable 1680 Unfavorable 10500 Unfavorable 2120 Favorable 2300 Favorable Unfavorable > > > > N 020 Unfavorable Unfavorable Unfavorable Favorable Favorable Unfavorable 458000 399712 58288 8880 49408 35700 $ 13708