During the month of July 2020 Invention Co. calculates the following data for jobs started and finished: $ Cost and Production Data Raw materials unit cost Raw materials units used Direct labour payroll Direct labour hours worked Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for July Variable overhead rate per hour Fixed overhead rate per hour Actual 2.25 10,600 $122,400 14,400 $184,500 Standard $ 2.00 10,000 $120,000 15,000 $189,000 42,500 $ 51,000 $ 3.00 $ 1.20 Standard machine hours are used for overhead calculations. Three hours of machine time are required for each direct labour hour. The jobs were sold for $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equalled the amount used. Required a. Calculate all of the materials and labour variances. b. Calculate the total overhead variances. C. Calculate the overhead budget variance and the overhead volume variance. d. Ignoring taxes, prepare an income statement for management