CALCULATOR PRINTER VERSION BLACK roblem 23-5A (Part Level Submission) art Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental gencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes $1.70 per tube) Direct labor (1 hour $32 per hour) Variable overhead (1 hour $7.00 per hour) Fixed overhead (1 hour $13.00 per hour) Total standard cost per test $3.40 32.00 7.00 13.00 $55.40 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2017, when 1,300 tests were conducted, resulted in the following: Direct materials (2,626 test tubes) Direct labor (1,339 hours) Variable overhead Fixed overhead $3.992 41.509 8,580 16.211 P i es for the month were $84,500, and selling and administrative expenses were Monthly budgeted fixed overhead is $18,460. Revenues for the month were $84,500, and selling and administrative expenses were $3,600. ULLULATUR PRINTER VI (a) Your answer is correct. Compute the price and quantity variances for direct materials and direct labor. (Round answers to o decimal places, e.g. 5,275.) Materials price variance Favorable Materials quantity variance Unfavorable Labor price variance Favorable Labor quantity variance Tunfavorable Click if you would like to Show Work for this question: Open Show Work VIDE (b) Compute the total overhead variance. Total Overhead variance Click if you would like to Show Work for this question: Open Show Work