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. $3.80 Direct materials (2 test tubes @ $190 per tube) Direct labor (1 hour @ $30 per hour) Variable overhead (1 hour @ $7.00 per hour) 30.00 7.00 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 1 100 tests were conducted, resulted in the following. $4.158 Direct materials (2,310 test tubes) Direct labor (1.155 hours) 33,495 Variable overhead 7.106 Fixed overhead 13.101 Monthly budgeted fixed overhead is $17.400 Revenues for the month were $73.700, and selling and administrative expenses were $4,500 Compute the price and quantity variances for direct materials and direct labor. Materials price variance 231 i Favorable Materials quantity variance 209 i Unfavorable Labor price variance $ 1.155 i Favorable Labor quantity variance $ 1.650 i Unfavorable e Textbook and Media List of Accounts Attempts: 1 of 3 used Compute the total overhead variance. Total Overhead variance $ 693 i Favorable Prepare an income statement for management. 0.67 HART LABS, INC. Income Statement For the Year Ended November 30, 2020 Sales Revenue Cost of Service Provided Gross Profit (at Standard I $