Gradebook ORION Downloadable eTextbook Problem 23-5A Hart Labs, Inc. provides mad cow disease testing for both state and fedoral govemmental agniuitural agencies. Because the company's customers are governmental gencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard cests for a typical te $2.92 24.00 Direct materials (2 test tubes $1.46 per tube) Direct labor (1 hour $24 per hour) Variable overhead (1 hour $6.00 per hour) Fixed overhead (1 hour$10.00 per hour) Total standard cost per best $42.92 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that morth. Actual activity for the month of November 20 when 1,475 tests were conducted, resulted in the foilowing: Direct materials (3,050 test tubes) Direct labor (1,550 hours) Varlable overhead Pixed overthead $4,270 35,650 7,400 5,000 Monthly budgeted fixed overhead is $14,000. Revenues for the month were $75,000, and selling and administrative expenses were $5,000. Compute the price and quantity variances for direct materials and direct labor. (Round answers to 0 decimal places, eg. s,275.) Materials price vanance MacBook Pro 6 8 9 kuz command oppior s Direct labor (1,550 hours) Variable overhead 35,650 7,400 15,000 Monthly budgeted fixed overhead is $14,000. Revenues for the month were $75,000, and (Round answers to declmal plo Labor quantity variance variance. Prepare an income statement for MacBook Pro