Problem 25-2A (Part Level Submission) Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2017 Actual Costs and Production Data Raw materials unit cost Raw materials units used 11,000 $162,0DO 14,800 $203,200 Standard $1.90 10,500 $159,500 15,200 Direct labor hours worked Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Foced overhead rate per machine hour $205,200 41,500 552.250 $3.00 $1.50 Overhead is applied on the basis of standard machine hours. 3.00 hours of machine time are required for each direct labor hour. The jobs were sold for $450,000. Selling and administrative expenses were $35.000. Assume that the amount of raw materials purchased equaled the amount used. (a) Your answer is correct. Compute all of the variances for (1) direct materials and (2) direct labor. (Round answers to o decimal places, e.g. 125.) (1) Total materiais variance Materials price variance 1850 Unfavorable 1100 Unfavorable 760 Lofavorable 3200 unfavorable 7400 Unfavorable 200 Favorable Materials quantity variance Total labor variance Labor price variance Labor quantity variance C (2) 4 (b) Your answer is correct Compute the total overhead vorence Total overhead variance 2 -2000 Tavaratila LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Prepare an income statement for management (Ignore income taxes.) (Round answers to decimal places, e.g. 125.) AYALA CORPORATION Tmcome Statement For the Month Ended June 30, 2017 1 Sales Revenue 450000 cort of Goods Sold (at standa Prore at standard Materials Price Hard 1100 760 7400 4200 13460 favorable Unfavorable Urfavorable TUnfavorable Favorable Labor Quantity Overhead Tavance Turfavorable Cross Draffect selling and Administrative Expenses Net Income / (Loss)