Question 49 of 50 Cost Element Current Attempt in Progress Swifty Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2022, 10,300 suits were produced. The following standard and actual cost data applied to the month of May, when normal capacity was 16,000 direct labor hours. All materials purchased were used. Direct materials Direct labor Overhead (a) > (1) 8 yards at $4.80 per yard 1.20 hours at $14.00 per hour 1.20 hours at $6.30 per hour (fixed $3.50; variable $2.80) Standard (per unit) Total materials variance Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $56,000, and budgeted variable overhead was $44,800. Materials price variance -/2.1 E Actual 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.) Materials quantity variance $ $387,345 for 83,300 yards ($4.65 per yard) $186,758 for 13,060 hours ($14.30 per hour) $48,100 fixed overhead $37,500 variable overhead

Swifty Clothiers is a small company that manulactures tall-meris suits. The company has used a standard cost accounting systern. in May 2022, 10,300 wits were produced. The following standard and actual cost data applied to the month of May, when normal capacity was 16,000 direct labor hours. All materials purchased were used. Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were 556,000 , and budgeted varisbic overhead was $44,800. (a) Compute the total, price: and quantity variances for (1) materials and (2) labor, (Reund per lanit values to 2 decimal places, es. 52.75 and final answers to 0 decimal places, es. 52) Compute the total overticad variance