*Problem 23-2A Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017. Actual Costs and Production Data Standard Raw materials unit Cost $2.40 $2.30 Raw materials units used 11,000 10,600 Direct labor payroll $170,200 $167,200 Direct labor hours worked 15,200 14,800 Manufacturing overhead incurred $230,372 Manufacturing overhead applied $233,472 Machine hours expected to be used at normal capacity 43,500 $69,600 Budgeted fixed overhead for June 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 hour. The jobs were sold for $471,000. Selling and administrative expenses were $45,000. Assume that the amount of raw materials purchased equaled the amount used. Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to o decimal places, e.g. 125.) (1) Total materials variance Materials price variance Materials quantity variance (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