Problem 24-03A a-b (Video) Splish Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,600 sults were produced. The following standard and actual cost data applied to the month of May when normal capacity was 16,000 direct labor hours. All materials purchased were used. Cost Element Actual Direct materials Direct labor Overhead Standard (per unit) 10 yards at $4.90 per yard 1.20 hours at $13.00 per hour 1.20 hours at $6.40 per hour (fixed $3.60; variable $2.80) $501,020 for 106,600 yards ($4.70 per yard) $182,508 for 13,620 hours ($13.40 per hour) $49,200 fixed overhead $36,500 variable overhead Overhead is applid on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $57,600, and budgeted variable overhead was $44,800. Compute the total price and quantity variances for (1) materials and (2) labor (Round per unit values to 2 decimal places, e.. 52.75 and final answers to a decimal places, e.g. 52.) (1) Total 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 variances LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBL By arressing this Question Assistance you will learn while you earn noints based on the Point Potential Policy set by your instructor