Hi all - looking for help with the multi part question. I have already done quite a bit of it.

Please look at the red boxes only in addition to the 'overhead' variance which I have down as 820 which is incorrect.

the total overhead variance

The income statement

Problem 24-05A a-c Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, 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 @ $1.60 per tube) Direct labor (1 hour @ $32 per hour) Variable overhead (1 hour @ $7.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test $3.20 32.00 7.00 12.00 $54.20 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 2020, when 1,000 tests were conducted, resulted in the following. Direct materials (2,100 test tubes) Direct labor (1,040 hours) Variable overhead Fixed overhead $3,150 32,240 6,460 11,560 Monthly budgeted fixed overhead is $17,040. Revenues for the month were $67,000, and selling and administrative expenses were $4,700. Your answer is correct. Compute the price and quantity variances for direct materials and direct labor. Materials price variance Favorable Materials quantity variance Unfavorable Labor price variance 1 1,040 -1,280 Favorable Unfavorable Labor quantity variance SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct. Try again. Compute the total overhead variance Total Overhead variance 820 Favorable Your answer is partially correct. Try again. Prepare an income statement for management. HART LABS, INC. Income Statement Sales Revenue 67000 Cost of Service Provided Gross Profit (at Standard) T Variances Favorable Materials Price Variance Materials Quantity Variance T Unfavorable Labor Quantity Variance T Unfavorable Labor Price Variance Favorable Overhead Variance 32050 Favorable Total Variance Favorable 32240 Gross Profit (Actual) Selling and Administrative Expenses 32240 4700 8890 Net Income / (Loss) Click if you would like to Show Work for this question: Open Show Work