Problem 24-02A Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard $2.10 11,400 $169,860 14,900 $211,720 $2.00 11,000 $165,680 15,200 Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours 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 Fixed overhead rate per machine hour $214,320 43,500 $73,950 $3.00 $1.70 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 $487,000. Selling and administrative expenses were $39,300. 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 per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.) (1) Total materials variance Unfavorable Materials price variance Unfavorable Materials quantity variance Unfavorable Materials quantity variance Unfavorable (2) Total labor variance Unfavorable Labor price variance Unfavorable Labor quantity variance Favorable SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Compute the total overhead variance. Total overhead variance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare an income statement for management. (Ignore income taxes.) (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to o decimal places, e.g. 52.) AYALA CORPORATION Income Statement For the Month Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit (at Standard) Variances Materials Price Variance Unfavorable Materials Quantity Variance Unfavorable Labor Price Variance Unfavorable Overhead Variance Favorable Labor Quantity Variance Favorable Gross Profit (Actual) Unfavorable Gross Profit (Actual) Selling and Administrative Expenses Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO