Standard cost card, income statement Madison Inc. manufactures a product base on standard specifications and costs. The folowing information is available for April Quantities Standard Cost Inventories, Apr 1: Finished goods. 4.000 units $112.000 Materials ... 6.000 12.000 Actual and standard quantities and costs for the month are summarized as follows Quantides Costs Actual Standard Actual Standard Materials purchases (units) 100.000 $195.500 $200.000 Materials requisitions (units) 95.000 94,000 Direct labor fours). 46,800 47,000 329 940 329.000 Factory overhead-actual 143.800 The company's standard tactory overhead rate is based on a variable tactory overhea rate of 2 per direct labor hour, and fired factory overhead of $50,000 for 50,000 dire labor hours, which is considered normal capacity. During the month, the company pianne 24.000 unts, but only 23,500 units were produced and placed into fireshed goods inve foxy. There was no work in process at the beginning or the end of the period 21.000 un were sold to $40 per und Marketing and administrative expenses were $185.000. Required: (1) Prepare the standard manufacturing cost card for the product. (2) Prepare an income statement for the month. Variances for materials, labor, and factory overhead are closed to Cost of Goods Sold. Use the two-variance method for factory overhead