Problem 24-05A a-c Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental 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. Direct materials (2 test tubes @ $1.70 per tube) $3.40 Direct labor (1 hour $32 per hour) 32.00 Variable overhead (1 hour @ $7.00 per hour) 7.00 Fixed overhead (1 hour $13.00 per hour) 13.00 Total standard cost per test $55.40 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 1,300 tests were conducted, resulted in the following Direct materials (2,730 test tubes) $4,368 Direct labor (1,339 hours) 41,509 Variable overhead 8,580 Fixed overhead 16,211 Monthly budgeted fixed overhead is $18.460. Revenues for the month were $84,500, and selling and administrative expenses were $3,600. Your answer is correct. Compute the price and quantity vanances for direct materials and direct labor. Materials price variance 293 $ Materials quantity variance 223 Labor price variance 1339 Fora $ Labor quantity variance 124 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Income Statement For the Month Ended November 30, 2020 V -ervice Revenue 84500 Cost of Service Provided 72020 Gross Profit (at Standard) 12480 Variances Materials Price Variance 2 273 Favorable 1 Materials Quantity Variance 221 Unfavorable Labor Price Variance 1339 Favorable Labor Quantity Variance SI 1248 Unfavora Overhead Variance 1209 Favorable Total Varance H Favorable Pont Actual 10 25392 Selling and Administrative Expenses 3600 income 11792 Click if you would like to Show Work for this question: non Show Work SHOW LINT OF ACCOUNT