need answer this with correct and complete explanation , computation for each parts and steps clearly answer in text form please show computation and explanation for each calculation clearly Income Statement with VariancesAlvarado Company produces a product that requires 3.0 standard pounds per unit at a standard price of $6.00 per pound. The company used 23,900 pounds to produce 8,000 units, which were purchased at $6.20 perpound. Each unit requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. For the 8,000 units produced, 60,200 hours were needed and employees were paid an hourly rate of$21.95 per hour. The company uses a standard variable overhead cost per unit of $1.45 per direct labor hour. Actual variable factory overhead was $85,900. The company uses a standard fixed overhead cost per unitof $2.00 per direct labor hour at 55,000 hours, which is 100% of normal capacity.Prepare an income statement through gross profit for Alvarado Company for the month ended March 31. Assume Alvarado sold 8,000 units at $250 per unit. For those boxes in which you must enter subtractive ornegative numbers use a minus sign. If an amount box does not require an entry, leave it blank.Line Item DescriptionSalesAlvarado CompanyIncome Statement Through Gross ProfitFor the Month Ended March 31AmountAmountUnfavorable FavorableAmount2,000,00018301,701,000299,000Cost of goods sold-at standardGross profit-at standardVariances from standard cost:Direct materials priceDirect materials quantityDirect labor rateDirect labor timeFactory overhead controllable1134,5001,1001131333,1104,780

Income Statement -An organization's income statement, which shows profit and loss for an accounting…

o Company produces a product that requires 3.0 standard pounds per unit at a standard price of $6.00 per pound. The company used 23,900 pounds to produce 8,000 units, which were pur Each unit requires 7.5 standard direct labor hours per unit at a standard hourly rate of $22.50 per hour. For the 8,000 units produced, 60,200 hours were needed and employees were paid a per hour. The company uses a standard variable overhead cost per unit of $1.45 per direct labor hour. Actual variable factory overhead was $85,900. The company uses a standard fixed ove per direct labor hour at 55,000 hours, which is 100% of normal capacity. an income statement through gross profit for Alvarado Company for the month ended March 31. Assume Alvarado sold 8,000 units at $250 per unit. For those boxes in which you must ent e numbers use a minus sign. If an amount box does not require an entry, leave it blank. Alvarado Company Income Statement Through Gross Profit For the Month Ended March 31 Amount Amount Unfavorable Favorable