Soriano Manufacturing Company uses a standard cost accounting system to account for the manufacturing of exhaust fans. In July 2020, it accumulates the following data for 1.550 units started and finished: Cost and Production Data Actual Standard Raw materials Units purchased 21.400 Units used 21.400 21,800 Unit cost $3.60 $3.20 Direct labour 3,500 3,700 Hours worked Hourly rate Manufacturing overhead $11.75 $12.05 Incurred $100.900 Applied $118,400 Manufacturing overhead was applied based on direct labour hours. Normal capacity for the month was 3,400 direct labour hours. At normal capacity, budgeted overhead costs were $22 per labour hour variable and $10 per labour hour fixed. Total budgeted fixed overhead costs were $34,000. Jobs finished during the month were sold for $282,500. Selling and administrative expenses were $24,600. Prepare an income statement for management showing the variances. Ignore income taxes SORIANO MANUFACTURING COMPANY Income Statement For the Month Ended July 31, 2020 $