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 $2.40 11,200 $171,350 14,900 $214,552 Standard $2.25 10,500 $164,160 15,200 $216,752 43,500 $65,250 $3.10 $1.50 Overhead is applied on the basis of standard machine hours. 3.10 hours of machine time are required for each direct labor hour. The jobs were sold for $456,000. Selling and administrative expenses were $42,400. 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 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 3,255 T unfavorable 1,680 Tunfavorable Materials price variance Materials quantity variance Unfavorable (2) Total labor variance TUnfavorable Labor price variance Unfavorable Labor quantity variance 3240TFavorable , Click if you would like to show Work for this question: Open Show Work Your answer is correct. Compute the total overhead variance. Total overhead variance 2200 Favorable Click if you would like to Show Work for this question: Open Show Work Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.) AYALA CORPORATION Income Statement For the Month Ended June 30, 2020 TSales Revenue 456,000 Cost of Goods Sold Gross Profit (at Standard) Variances TMaterials Price Variance 1680 Unfavorable Materials Quantity Variance 1575 T Unfavorable Labor Price Variance 0430 Unfavorable Labor Quantity Variance 3240 Favorable Joverhead Variance 2200 Favorable Total Variance Tunfavorable 8245 Gross Profit (Actual) selling and Administrative Expenses 42,400 Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work