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Problem 24-03A a-b (Video) Your answer is partially correct. Try again. 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 appliedt the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead Standard (per unit) 7 yards at $4.20 per yard 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 Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $49,000, and budgeted variable overhead was $39,200. (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 o decimal places, e.g. 52.) (1) Total materials variance Favorable Materials price variance Materials quantity variance Tunfavorable (2) Total labor variance 11913 unfavorable Labor price variance 3513) Tunfavorable 8400 unfavorable Labor quantity variance T (b) Compute the total overhead variance. Total overhead variance 6454 Tunfavorable Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Question Attempts: 2 of 3 used