Please solve 4) part only. ASAP It will be appreciated. 4) Prepare Income Statement for May 2019 showing actual Gross Margin. .XYZ Corp operates under system of standard Costing within a single cost centre. The standard cost details are as follows: Direct material - 5kg @ $4.2 Direct labor - 3 hours @ $3 Factory overhead - $1.2 per labor hour. The budgeted production schedule for the month of May,2019 was 40,000 units. However, 40,960 units were completed during the month. No opening or closing Work-in-progress. Purchases during the month were 225,000 kg of material @ $4.5 per kg. Actual Production and Sales record for the month: Materials used 205,600 kgs Direct Labor Cost (121,200 hrs) $ 387,840 Factory Overhead Cost $ 100,000 Sales 40,000 units. Selling Price shall have a mark-up of 20% on selling price