PLEASE POST FULL ANSWER PART C

+ Ch 11 - Homework 2.6714 = III Question 6 of 6 View Policies Show Attempt History Current Attempt in Progress Concord Labs, Inc. provides madcow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Concord Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. $3.40 Direct materials (2 test tubes @ $1.70 per tube) Direct labor (1 hour $32 per hour) 3200 7.00 Variable overhead (1 hour @ $7.00 per hour) Fixed overhead (1 hour $13.00 per hour) 13.00 $55.40 Total standard cost per test 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 2022, when 1.300 tests were conducted, resulted in the following $4368 41.509 Direct materials (2.730 test tubes) Direct labor (1,339 hours) Variable overhead Fixed overhead 8,580 16,211 Monthly budgeted fixed overhead is $18.460. Revenues for the month were $84,500, and selling and administrative expenses were $3,600. (a) Your answer is correct Question 6 of 6 267/4 = Your answer is correct Compute the price and quantity variances for direct materials and direct labor $ Favorite Materials price variance Materials quantity variance $ Unte $ i Favorable Labor price variance $ 52 Unfavorable Labor quantity variance eTextbook and Media List of Accounts Attempts: 2 of 5 used (b) Your answer is correct. Compute the total overhead variance. 1200 Favorable Total Overhead variance eTextbook and Media List of Accounts (c) Prepare an income statement for management, CONCORD LABS, INC. Income Statement $ . . c) Prepare an income statement for management. CONCORD LABS, INC. Income Statement $ . 02 02