Question 2 of 2 -/1 View Policies Current Attempt in Progress 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. Actual Cost Element Direct materials Direct labor Standard (per unit) 7 yards at $4.20 per yard 1.10 hours at $13.00 per hour 1.10 hours at $6.50 per hour (fixed $3.60; variable $2.90) $300.915 for 74.300 yards ($4.05 per yard) $164.255 for 12,350 hours ($13.30 per hour) $48.500 fixed overhead $37.500 variable overhead 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 decimal places, eg. 52.) (1) Total materials variance $ Materials price variance $ Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $ (b) Materials quantity variance $ (2) Total labor variance $ Labor price variance $ Labor quantity variance $ (b) Compute the total overhead variance. Total overhead variance $ e Textbook and Media Save for Later Attempts: 0 of 4 used Submit