Costs and Production Data		Actual		Standard
Raw materials unit cost		$2.10		$1.90
Raw materials units		11,300		10,700
Direct labor payroll		$175,500		$171,360
Direct labor hours		15,000		15,300
Manufacturing overhead incurred		$212,930
Manufacturing overhead applied				$215,730
Machine hours expected to be used at normal capacity				43,500
Budgeted fixed overhead for June				$73,950
Variable overhead rate per machine hour				$3.00
Fixed overhead rate per machine hour				$1.70

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 $453,000. Selling and administrative expenses were $39,300. Assume that the amount of raw materials purchased equaled the amount used.

repare 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.)

AYALA CORPORATION Income Statement For the Month Ended June 30, 2020For the Year Ended June 30, 2020June 30, 2020
			$
DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances
DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances
	$	UnfavorableNeither favorable nor unfavorableFavorable
		Neither favorable nor unfavorableUnfavorableFavorable
		Neither favorable nor unfavorableUnfavorableFavorable
		FavorableNeither favorable nor unfavorableUnfavorable
		UnfavorableNeither favorable nor unfavorableFavorable
DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances		FavorableUnfavorableNeither favorable nor unfavorable
DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances
DividendsExpensesGross Profit (Actual)Gross Profit (at Standard)Net Income / (Loss)RevenuesTotal ExpensesTotal RevenuesTotal VarianceVariances			$