A B 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 to cost of $70,752 Prepare the Material price (rate) and usage variances 8 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 Prepare the Labor rate and labor Qty (usage) variances