Problem 23-3A Hopkins Clothiers is a small company that manufactures tall-mens suits. The company has used a standard cost accounting system. In May 2014, 10,800 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 16,500 direct labor hours. All materials purchased were used.

Cost Element Standard (per unit) Actual Direct materials 8 yards at $4.70 per yard $392,911 for 87,120 yards ($4.51 per yard) Direct labor 1.20 hours at $13.00 per hour $184,534 for 13,720 hours ($13.45 per hour) Overhead 1.20 hours at $6.50 per hour (fixed $3.60; variable $2.90) $48,400 fixed overhead $37,000 variable overhead

Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $59,400, and budgeted variable overhead was $47,850.

Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round answers to 0 decimal places, e.g. 125.)

(1) Total materials variance $ Materials price variance $ Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $

SHOW SOLUTION

Compute the total overhead variance.

Total overhead variance $