Income Statement with Variances Alvarado Company produces a product that requires 2.5 standard pounds per unit at a standard price of $3.35 per pound. Assume Alvarado sold 18,000 units at $162 per unit. The company used 35,000 pounds to produce 18,000 units, which were purchased at $3.60 per pound. Each unit requires 3 standard direct labor hours per unit at a standard hourly rate of $19.20 per hour. Far the 18,000 units produced, 63,800 hours were needed and employees were paid an hourly rate of $19.05 per hour. The company uses a standard variable overhead cost per unit of $0.80 per direct labor hour. Actual variable factory overhead was $35,060. The company uses a standard fixed overhead cost per unit of $1.05 per direct labor hour at 44,000 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. Open spreadsheet Prepare an income statement through gross profit for Alvarado Company for the month ending March 31. For those boxes in which vou must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank. Income Statement with Variances Alvarado Company produces a product that requires 2.5 standard pounds per unit at a standard price of $3.35 per pound. Assume Alvarado sold 18,000 units at $162 per unit. The company used 35,000 pounds to produce 18,000 units, which were purchased at $3.60 per pound. Each unit requires 3 standard direct labor hours per unit at a standard hourly rate of $19.20 per hour. Far the 18,000 units produced, 63,800 hours were needed and employees were paid an hourly rate of $19.05 per hour. The company uses a standard variable overhead cost per unit of $0.80 per direct labor hour. Actual variable factory overhead was $35,060. The company uses a standard fixed overhead cost per unit of $1.05 per direct labor hour at 44,000 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. Open spreadsheet Prepare an income statement through gross profit for Alvarado Company for the month ending March 31. For those boxes in which vou must enter subtractive or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank