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Mazex Company manufactures auto parts. The company installed a standard costing system to account for manufacturing costs. Presented below are planned manufacturing data for 2020 and actual data for May 2020. The company applies overhead based upon machine hours. The denominator level of production is 4,000 units. The standard cost card is as follows: Direct materials 5 pounds @ $3.50 per pound Direct labor 2 hours @ $9 per DLH Variable overhead 6 machine hours @ $ 8 per machine hour Fixed overhead 6 machine hours @ $15 per machine hour During the year: 1. Actual production 4,500 units 2. Materials purchased 25,000 pounds at $3.25 per pound 3. Materials used 24,000 pounds 4. Actual direct labor cost 8,500 hours at $10.00 per DLH 5. Actual variable overhead $245,000 6. Actual fixed overhead $380,000 7. Actual machine hours used 28,500 8. Both variable and fixed overhead costs are applied to production. 9. All production was completed. 10. Three thousand units were sold for $250 each. 11. Selling expense was $3 per each unit sold and $100,000. 12. All variances are closed to Cost of Goods Sold. REQUIRED: 1. Journalize the above transactions. Be sure to demonstrate the calculations for each of the cight production variances and indicate whether each is favorable or unfavorable. 2. Calculate the three-way and two-way variances. 3. Calculate operating income