Your answer is partially correct. Rudd Clothiers is a small company that manufactures tall-men's suits. The...

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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, 10,100 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 12,500 direct labor hours. All materials purchased were used. Cost Element Direct materials Actual Standard (per unit) 9 yards at $4.50 per yard $398,025 for 91,500 yards ($4.35 per yard) Direct labor 1.10 hours at $14.00 per hour $172,944 for 12,010 hours ($14.40 per hour) Overhead 1.10 hours at $6.20 per hour (fixed $3.70; variable $2.50) $49,900 fixed overhead $37,500 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $46,250, and budgeted variable overhead was $31,250. (a) Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance $ 599.90 Favorable Materials price variance $ 13725 i Favorable Materials quantity variance $ 2700 i Unfavorable (2) Total labor variance 12960 Unfavorable (b) Labor price variance Labor quantity variance Compute the total overhead variance. 19 19 0 Unfavorable 12960 Unfavorable Total overhead variance $ 9900 Favorable 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, 10,100 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 12,500 direct labor hours. All materials purchased were used. Cost Element Direct materials Actual Standard (per unit) 9 yards at $4.50 per yard $398,025 for 91,500 yards ($4.35 per yard) Direct labor 1.10 hours at $14.00 per hour $172,944 for 12,010 hours ($14.40 per hour) Overhead 1.10 hours at $6.20 per hour (fixed $3.70; variable $2.50) $49,900 fixed overhead $37,500 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $46,250, and budgeted variable overhead was $31,250. (a) Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance $ 599.90 Favorable Materials price variance $ 13725 i Favorable Materials quantity variance $ 2700 i Unfavorable (2) Total labor variance 12960 Unfavorable (b) Labor price variance Labor quantity variance Compute the total overhead variance. 19 19 0 Unfavorable 12960 Unfavorable Total overhead variance $ 9900 Favorable