Problem 24-03A a-b (Video) Swifty Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,300 suits 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 Direct materials Direct labor Overhead Standard (per unit) 8 yards at $4.80 per yard 1.20 hours at $14.00 per hour 1.20 hours at $6.30 per hour (fixed $3.50; variable $2.80) Actual $387,345 for 83,300 yards ($4.65 per yard) $186,758 for 13,060 hours ($14.30 per hour) $48,100 fixed overhead $37,500 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $56,000, and budgeted variable overhead was $44,800. (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 0 decimal places, e.g. 52.) (1) Total materials variance Materials price variance Unfavorable Neither favorable nor unfavorable Favorable Materials quantity variance (2) Total labor variance Labor price variance Labor quantity variance (b) Compute the total overhead variance. Total overhead variance