Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017 Actual Costs and Production Data Raw materials unit cost Raw materials units used Direct labor payroll Direct labor hours worked Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for lune Variable overhead rate per machine hour Fixed overhead rate per machine hour Standard $1.90 10,700 $160,650 15,300 s2.10 11,100 $153,900 14,900 $208,340 $211,140 41,500 $66,400 $3.00 $1.60 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 $492,000. Selling and administrative expenses were $35,300. Assume that the amount of raw materials purchased equaled the amount used. Your answer is correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to O decimal places, e.g. 125.) (1) Total materials variance 2980 Unfavorable Materials price variance T Materials quantity variance 2 220 760 3250 (2) Total labor variance Unfavorable Unfavorable Unfavorable Unfavorable Favorable Labor price variance T 7 450 4200 Labor quantity variance I Click if you would like to Show Work for this question: Open Show Work Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 125.) AYALA CORPORATION Income Statement