Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.40 per tube) $2.80 Direct labor (1 hour @ $32 per hour) 32.00 Variable overhead (1 hour @ $6.00 per hour) 6.00 Fixed overhead (1 hour @ $12.00 per hour) 12.00 Total standard cost per test $52.80 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 1,400 tests were conducted, resulted in the following. Direct materials (2.940 test tubes) $3,822 Direct labor (1,456 hours) Variable overhead Fixed overhead 45,136 8,316 15,792 Monthly budgeted fixed overhead is $17.520. Revenues for the month were $91,000, and selling and administrative expenses were $3,600. Monthly budgeted fixed overhead is $17,520. Revenues for the month were $91,000, and selling and administrative expenses were $3,600. Compute the price and quantity variances for direct materials and direct labor. Materials price variance 294 Favorable Materials quantity variance 196 Unfavorable Labor price variance 1456 Favorable Labor quantity variance 1792 Unfavorable eTextbook and Media List of Accounts Compute the total overhead variance. Total Overhead variance $ eTextbook and Media Favorable Cost of Service Provided Gross Profit (at Standard) Variances HART LABS, INC. Income Statement For the Year Ended November 30, 2020 Materials Price Variance 294 Favorable Materials Quantity Variance 196 Unfavorable Labor Price Variance 1456 Favorable Labor Quantity Variance 1792 Unfavorable Overhead Variance Favorable Total Variance Gross Profit (Actual) Selling and Administrative Expenses Net Income/(Loss) M HART LABS, INC. Income Statement For the Year Ended November 30, 2020 294 Favorable 196 Unfavorable 1456 Favorable 1792 Unfavorable Favorable 91000 73920 17080