The Laboratory has developed the following standards for performing routine blood tests: Materials (1 packet of chemicals @ $.50) Labor (10 minutes @ $6 per direct tabor hour) Overhead (applied rate $12 per direct labor hour) Standard cost per blood test $0.50 $1.00 $2.00 $3.50 Based on 5,000 tests (or 833.3 direct labor hours per month, fixed, $4.80; variable, $7.20 per direct labor hour) During April, 4,800 blood tests were made; and the following costs were incurred: Materials (5,000 packets @ 5.52) Labor (850 hours @ 56 per direct labor hour) Overhead Total $2,600.00 $5,100.00 $9,200.00 $16.900.00 Actual average cost per blood test 53.52 ($15,900/4,800) Required: Two-variance analysis for materials, labor, and three variances for overhead.