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Help System Announcements Problem 24-02A Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard Raw materials unit cost $2.10 $1.95 Raw materials units 11,100 10,300 Direct labor payroll $150,000 $145,350 Direct labor hours 15,000 15,300 Manufacturing overhead incurred $232,308 Manufacturing overhead applied $235,008 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $69,600 Variable overhead rate per machine hour $3.20 Fixed overhead rate per machine hour $1.60 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor ho were $42,000. Assume that the amount of raw materials purchased equaled the amount used. Your answer is partially correct. Try again. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, e.g. (1) Total materials variance 3225 Unfavorable $ Materials price variance 1560 Unfavorable Materials quantity variance 1665 Unfavorable (2) Total labor variance 4650 Unfavorable Labor price variance 7500 Unfavorable Labor quantity variance 2850 Favorable Prepare an income statement for management (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and AYALA CORPORATION Income Statement For the Month Ended June 30, 2020 458000 Sales Revenue 400453 Cost of Goods Sold 57557 Gross Profit (at Standard) Variances Materials Price Variance 1560 Unfavorable Materials Quantity Variance 1665 Unfavorable Labor Price Variance 7500 Unfavorable Labor Quantity Variance 2850 Favorable Overhead Variance 2700 Favorable Total Variance Unfavorable 5175 Gross Profit (Actual) 52382 Selling and Administrative Expenses 42000 Net Income /(Loss) 10382 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS