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Problem 24-03A a-b (Video) Sheridan Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,100 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 12,500 direct labor hours. All materials purchased were used. Cost Element Actual Direct materials Direct labor Overhead Standard (per unit) 9 yards at $4.50 per yard 1.10 hours at $14.00 per hour 1.10 hours at 56.20 per hour (fixed $3.70; variable $2.50) $398,025 for 91,500 yards (54.35 per yard) $172,944 for 12,010 hours ($14.40 per hour) $49,900 fixed overhead $37.500 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $46,250, and budgeted variable overhead was $31,250. (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 O decimal places, e.g. 52.) (1) Tatal materials variance Materials price variance Materials quantity variance (2) Total labor variance Labor price variance Labor quantity variance (b) Compute the total overhead variance Total overhead variance Click if you would like to Show Work for this question: Open Show Work