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		$2.40		$2.20
Raw materials units		11,000		10,300
Direct labor payroll		$162,800		$159,600
Direct labor hours		14,800		15,200
Manufacturing overhead incurred		$217,464
Manufacturing overhead applied				$221,464
Machine hours expected to be used at normal capacity				41,500
Budgeted fixed overhead for June				$66,400
Variable overhead rate per machine hour				$3.10
Fixed overhead rate per machine hour				$1.60

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 $478,000. Selling and administrative expenses were $37,900. Assume that the amount of raw materials purchased equaled the amount used.

(c) 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 0 decimal places, e.g. 52.)