Problem 24-05A a- Hart Labs, Inc. provides mad cow disease testing for both state and federal govemmental agricultural agencies. Because the company's customers are govem mental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. $3.80 31.00 Direct materials (2 test tubes @ $1.90 per tube) Direct labor (1 hour $31 per hour) Variatile cereal (1 hour $7.00 per hour) Fixed overhead (1 hour $12.00 per hour) Total standard cost per test 7.00 12.00 $53.80 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 1,400 tests were conducted, resulted in the following. $5,792 42,630 Direct materials 2,910 test tubes) Direct labor (1,170 hours) Variable overhead Fixed overhead 8,178 16,450 Monthly budgeted fixed overhead is $17,400. Revenues for the month were $93,800, and selling and administrative expenses were $4,000. Your answer is correct. Compute the price and quantity variances for direct materials and clirect labor. Malerias prie variante 294 Favorable $ Materials quantity variance -268 Unfavorable $ Labor price variant 2940 Favorable Labor quantity variance -7170 Unfavorable X| Your answer is incorrect. Try again. Compute the total overhead variance. X Total Overhead variance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO HART LABS, INC. Income Statement For the Month Ended November 30, 2020 Sales Revenue 93800 X x Cost of Goods Sold 75920 Gross Profit (at Standard) v 17880 Variances Materials Price Variance 294 Favorable Materials Quantity Variance -266 Unfavorable Labor Price Variance 2940 Favorable Labor Quantity Variance -2170 Unfavorable X Overhead Variance 1972 Favorable Total Variance Favorable 2770 Gross Profit (Actual) 20650 Selling and Administrative Expenses 40001 Net Income / (Loss) 16650 Click if you would like to Show Work for this question: Open Show Work