Whispering Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,100 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used. Standard (per unit) Cost Element Direct materials 7 yards at $4.20 per yard Direct labor Overhead 1.10 hours at $14.00 per hour 1.10 hours at $6.30 per hour (fixed $3.50; variable $2.80) Actual $292,330 for 71,300 yards ($4.10 per yard) $167,453 for 11,710 hours ($14.30 per hour) $48,900 fixed overhead $37,500 variable overhead