Lily 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, Lily Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. 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 2022, when 800 tests were conducted, resulted in the following. Monthly budgeted fixed overhead is $17,160. Revenues for the month were $52,000, and selling and administrative expenses were $4,100. (a) 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 List of Accounts Save for Later Attempts: 0 of 1 used Submit