Problem 24-03A a-b (Video) Your answer is partially correct. Try again. Nash Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,000 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 12,500 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead Standard (per unit) 6 yards at $4.00 per yard 1.10 hours at $13.00 per hour 1.10 hours at $6.00 per hour (fixed $3.50; variable s2.50) Actual 5235,950 for 60,500 yards ($3.90 per yard) $154,280 for 11,600 hours ($13.30 per hour) S48,000 fixed overhead $36,500 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $43,750, and budgeted variable overhead was $31,250. (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 1050 Favorable Materials price variance 6050 Favorable Materials quantity variance 2000 Unfavorable DATOTO (2) Total labor variance 11280 Unfavorable Labar price variance 3480 Unfavorable Labor quantity variance 65,000 Unfavorable (b) Compute the total overhead variance. Total overhead variance 11,900 Unfavorable