I need an explanation and help with the answers

Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020,10,500suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was14,500direct labor hours. All materials purchased were used.

Cost Element

Standard (per unit)

Actual

Direct materials 9yards at $4.50per yard$419,320for95,300yards ($4.40per yard)Direct labor 1.10hours at $14.00per hour$173,745for12,150hours ($14.30per hour) Overhead1.10hours at $6.30per hour (fixed $3.70; variable $2.60)$49,100fixed overhead $37,500variable overhead

Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $53,650, and budgeted variable overhead was $37,700.

(a)

Compute the total, price, and quantity variances for (1) materials and (2) labor.(Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.)

(1)Total materials variance$

Unfavorable

Favorable

Neither favorable nor unfavorable

Materials price variance$

Favorable

Neither favorable nor unfavorable

Unfavorable

Materials quantity variance$

Neither favorable nor unfavorable

Favorable

Unfavorable

(2)Total labor variance$

Favorable

Neither favorable nor unfavorable

Unfavorable

Labor price variance$

Favorable

Unfavorable

Neither favorable nor unfavorable

Labor quantity variance$

Unfavorable

Neither favorable nor unfavorable

Favorable

(b)

Compute the total overhead variance.

Total overhead variance$

Favorable

Neither favorable nor unfavorable

Unfavorable