Question 12 of 14 0.36 / 1 E View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,500 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 15,500 direct labor hours. All materials purchased were used. Cost Element Standard (per unit) Actual Direct materials 7 yards at $4.20 per yard $300,915 for 74,300 yards ($4.05 per yard) Direct labor 1.10 hours at $13.00 per hour $164,255 for 12,350 hours ($13.30 per hour) Overhead 1.10 hours at $6.50 per hour (fixed $3.60; variable $2.90) $48,500 fixed overhead $37,500 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $55,800, and budgeted variable overhead was $44,950. (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 $ 7785 Favorable Materials price variance $ 11145 Unfavorable Materials quantity variance $ 3200 Unfavorable (2) Total labor variance $ 14105 Favorable Labor price variance $ 3705 Unfavorable Labor quantity variance $ 10400 Favorable (b) Compute the total overhead variance. Total overhead variance $ Unfavorable e Textbook and Media Assistance Used Save for Later Last saved 23 hours ago. Attempts: 1 of 3 used Submit