Problem 23-24 Cests and Production Data Actual 11.000 $177,600 14.800 $235.636 Standard 12:20 10.100 173.250 15.200 Raw materials used Direct labor payroll Direct labor hours worked Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted faxed overhead for June Variable overhead rate per machine hour Fixed overhead role per machine hour 1238,336 41.500 $70,550 $3.20 $1.70 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time we required for each direct labor hour Theos were sold for 1467,000 Seting and administrative expenses were $3,500. Assume that the amount of raw materials purchased equaled the amount used Compute of the variances for (1) direct materials and (2) director (ound answers to decimal places 125.) (1) Tocal materiais variance Material price wariance (2) Total labor variance Labor price variance Labor quantity variance Compute the total overhead variance. Total overhead variance Prepare an income statement for management. (Ignore income taxes.) (Round answers to 0 decimal places, e.g. 125.) AYALA CORPORATION Income Statement RCES tudy Click If you would like to Show Work for this question: Open Show Work