HOW TO GET COST OF GOODS SOLD AT STANDARD? FOR THE INCOME STATEMENT?

Compute variances, and prepare income statement Ayala Corporation accumulates the following data relative to jobs started and finished duFind theg the monthe of June 2017. Overhead is applied on the basis of standard maxhine hours. Three hours of maxhine time are required for each direct labor hour. The jobs were sold for $400,000. Selling and administrative expenses were $40,000. Assume that the amount of raw materials purchased equaled the amount used. Instructions Compute all of the variances for (1) direct materials and (2) direct labor. Compute the total overhead variance. Prepare an income statement for mandgement. (Ignore income taxes.) NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a