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1. Variances (15 points for the direct material and direct labor variances and 5 points for the overhead variances) Morgan Inc. is a small company that manufactures baseball caps. For the past several years, the company has used a standard cost accounting system. Monthly income statements are prepared for management with variances reported within the statement. In April 2020, 67,500 baseball caps were produced The following standard cost and actual cost data applied to the month of April when normal capacity was 14,000 direct labors hours: Cost Element Direct Materials Direct Labor Overhead Standard (per baseball cap) 1.5 yards at $3.00 per yard 2 hour at $11.00 per hour 2 hour at $5.00 per hour Actual $318,600 for 108,000 yards $158,760 for 14,175 hours $49,000 fixed overhead $20,000 variable overhead Overhead is applied based on direct labor hours. Total estimated overhead rate is $6.50, and the fixed overhead rate is $4.50 Instructions: Compute the total, price, and quantity(efficiency) variances for (1) direct materials, (2) direct labor, and (3) the total variable (controllable), and fixed (volume) variances for manufacturing overhead