Problem 14 (Comprehensive) M Company is a manufacturer of men's hunting clothing. During May, the company produced 4,800 units of product. The actual and standard costs per unit for May were as follows: Quantity Price Direct materials Standard 4.0 yds P3.60 Actual 4.4 yds 3.35 Direct labor Standard 1.6 hours 4.50 Actual 1.4 hours 4.85 Variable overhead Standard 1.6 hours 1.80 Actual 1.4 hours 2.15 Fixed overhead Standard Per unit 9.00 Actual Per unit 9.10 Total costs for May were as follows: Units Unit Cost Total Cost Standard 4,800 $24.48 $117,504 Actual 4,800 24.54 117,792 Total variance (288) There was no inventory of materials on hand at the beginning of May. During the month, 21,120 yards of material were purchased at a cost of $70,752, all of which were used during the month. M Company reported the following information regarding fixed overhead during May: Quantity Units Unit Cost Standard 1.6 hours 5,000 $9.00 Actual 1.4 hours 4,800 9.10