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 16,211 Monthly budgeted fixed overhead is $18.460. Revenues for the month were $84,500, and selling and administrative expenses were $3,600. Fixed overhead your answer is correct Compute the price and quantity variances for direct materials and direct labor. Materials price variance 273 $ Favorable Materials quantity variance 221 Unfavorable Labor price variance 1339 avorable Labor quantity variance 1248 Unfavorable SHOW LIST OF ACCOUNTS Compute the total overhead variance. Total Overhead variance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO x Your answer is incorrect. Try again. Prepare an income statement for management. HART LABS, INC. Income Statement