Income Statement with Variances Alvarado Company produces a product that requires 3.0 standard pounds per unit at a standard price of $3.00 per pound. Assume Alvarado sold 16,000 units at $172 per unit. The company used 36,000 pounds to produce 16,000 units, which were purchased at $3.25 per pound. Each unit requires 3 standard direct labor hours per unit at a standard hourly rate of $19.70 per hour. For the 16,000 units produced, 61,200 hours were needed and employees were paid an hourly rate of $19.55 per hour. The company uses a standard variable overhead cost per unit of $0.80 per direct labor hour. Actual variable factory overhead was $30,070. The company uses a standard fixed overhead cost per unit of $1.05 per direct labor hour at 42,000 hours, which is 100% of normal capacity. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Prepare an income statement through gross profit for Alvarado Company for the month ending March 31. For those boxes in which you must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Alvarado Company Income Statement Through Gross Profit For the Month Ended March 31 ales $ 2,752,000 Cost of goods sold-at standard Gross profit-at standard Unfavorable Favorable Variances from standard cost: Direct materials price Direct materials quantity Direct labor rate Direct labor time Factory overhead controllable Factory overhead volume Net variances from standard cost-unfavorable Gross profitIncome Statement with Variances The following data is provided for Alvarado Company: DATA Standard pounds per unit 3.0 Standard price per pound $3.00 Actual quantity of pounds used 36,000 Units produced (sold) 16,000 D Actual price per pound $3.25 Standard direct labor hours per unit 3.0 Standard hourly rate $19.70 Actual labor hours used 61,200 4 Actual hourly rate 519.55 Standard variable overhead cost per unit per direct labor hour $0.80 5 Actual variable factory overhead $30,070 Standard fixed overhead cost per unit per direct labor hour $1.05 Practical capacity 42,000 Selling price 5172 REQUIRED: Prepare an income statement through gross profit for Alvarado Company for the month ending March 31