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 @ $1.60 per tube) Direct labor (1 hour $31 per hour) Variable overhead (1 hour $6.00 per hour) Fixed overhead (1 hour $12.00 per hour) Total standard cost per test $3.20 31.00 6.00 12.00 $52.20 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 1,000 tests were conducted, resulted in the following. Direct materials (2,100 test tubes) Direct labor (1,050 hours) Variable overhead Fixed overhead $3,150 31,500 5,760 11,420 Monthly budgeted fixed overhead is $18,000. Revenues for the month were $68,000, and selling and administrative expenses were $4,900. Compute the price and quantity variances for direct materials and direct labor. Materials price variance Materials quantity variance Labor price variance Labor quantity variance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Compute the total overhead variance. Total Overhead variances Prepare an income statement for management. HART LARS, INC. Income Statement