Problem 24-03A a-b Your answer is partially correct. Try again Rudd Clothiers is a small company that manufactures tallmen's suits. The company has used a standard cost accounting system. In May 2020, 10,200 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 16,500 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead Standard (per unit) 10 yards at $4.90 per yard 1.10 hours at $14.00 per hour 1.10 hours at $6.60 per hour (fixed 54.00; variable $2.60) $481,750 for 102,500 yards ($4.70 per yard) $173,316 for 12.120 hours (514 30 per hour) $48.800 fed overhead $37, variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $66,000, and budgeted variable overhead was $42.900 Compute the total price and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e.. 52.75 and final answers to a decimal places, e.g. 52.) (1) Total materiais variance 20500 Favorable Materials price variance 18050 Favorable Materials quantity variance Unfavorable (2) Total labor variance Labor price variance i 12000 uits by Study (2) Total labor variance Labor price variance Unfavorable Labor quantity variance Compute the total overhead variance Total overhead variance 22600 untsvorable for this question Open Show Work