Compute the total overhead variance. Total overhead variance $ e Textbook and Media List of Accounts 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 sale revenue cost of goods sold at standard gross profit -at standard DROP DOWN OPTIONS: FAVORABLE IFAVORABLE variances material price material quantity labor price labor quantity overhead total variance A Gross profit-actual selling & administrative expenses net income/loss $Ayala Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard Raw materials unit cost $2.00 $1.90 Raw materials units 11,000 10,600 Direct labor payroll $162,800 $159,600 Direct labor hours 14,800 15,200 Manufacturing overhead incurred $203,200 Manufacturing overhead applied $205,200 Machine hours expected to be used at normal capacity 41,500 Budgeted fixed overhead for June $62,250 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $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 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 to 1860 Unfavorable Materials price variance to 1100 Unfavorable Materials quantity variance to 760 Unfavorable (2) Total labor variance 3200 i Unfavorable Labor price variance 7400 Unfavorable Labor quantity variance to 4200 i Favorable