I posted for help with the problem yesterday, but the tutor who answered was way, way off. Please someone help!

Compute the price and quantity variances for direct materials and direct labor.

Compute the total overhead variance.

Prepare an income statement for management.

Pace 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, Pace Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $ 2.92 $1.46 per tube) Direct labor (1 hour 24.00 @ $24 per hour) Variable overhead (1 hour @ $6 per 6 hour) Fixed overhead (1 hour @ $10 per 10 hour) Total standard cost $42.92 per test The lab does not maintain an inventory of test tubes. Therefore, the tubes purchased each month are used that month. Actual activity for the month of November 2014, when 1,500 tests were conducted, resulted in the following: Direct materials (3,050 test tubes) Direct labor (1,600 hours) Variable overhead Fixed overhead $ 4,209 36,800 7,400 15,000 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. $ Materials price variance Favorable $ Materials quantity variance Unfavorable $ Labor price variance Favorable $ Labor quantity variance Unfavorable Compute the total overhead variance. $ Total Overhead variance Favorable Prepare an income statement for management. PACE LABS, INC. Income Statement For the Month Ended November 30, 2014 $ Service Revenue Costof Service Provided (at standard) Gross Profit(at standard) Variances $ Materials Price Materials Quantity Labor Price F Labor Quantity Overhead F Total Variance F Gross Profit(actual) Selling and Administrative Expenses $ Net Income / (Loss)