Reference no: EM13609282

Hopkins Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2014, 10,500 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 Standard (per unit) Actual Direct materials 8 yards at $4.40 per yard $360,055 for 84,520 yards ($4.26 per yard) Direct labor 1.20 hours at $14.00 per hour $191,919 for 13,300 hours ($14.43 per hour) Overhead 1.20 hours at $6.40 per hour (fixed $3.60; variable $2.80) $49,900 fixed overhead $37,000 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $59,400, and budgeted variable overhead was $46,200. Compute the total, price, and quantity variances for (1) materials and (2) labor Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance Compute the total overhead variance