83 84 85 86 7 A suit making company makes and sells mens suits The standard cost for a yard of material is $3.60 Each suit requires a standard of 4 yards per suit. In one month they made 4800 suits. Actual material purchased and used was 21,120 yards at a total cost of $70,752 ($3.35 per yard) Prepare the Material price (rate) and usage variances 87 88 89 90 91 92 93 94 95 96 97 98 99 100 8 00 101 The suits take a standard of 1.6 labor hours to make The standard labor rate is $16 per hour. The 4800 suits they made cost $100,800 for direct labor Actual rate is $15 per hour 102 103 104 105 Prepare the Labor rate and labor usage (quanity) variances 106 107 108 109 110 111 112 113 114