Reference no: EM133176142
Question - Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test.
Direct materials (2 test tubes @ $1.90 per tube) $3.80
Direct labor (1 hour @ $30 per hour) 30.00
Variable overhead (1 hour @ $7.00 per hour) 7.00
Fixed overhead (1 hour @ $12.00 per hour) 12.00
Total standard cost per test $52.80
The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 1,100 tests were conducted, resulted in the following.
Direct materials (2,310 test tubes) $4,158
Direct labor (1,155 hours) 33,495
Variable overhead 7,106
Fixed overhead 13,101
Monthly budgeted fixed overhead is $17,400. Revenues for the month were $73,700, and selling and administrative expenses were $4,500.
Required -
a) What is the price and quantity variances for direct materials and direct labor.
b) What is the total overhead variance.
c) What is the income statement for management?
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