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 hourfy rate of $19.20 per hour. For 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