A company uses a standard costing system with the standards per unit below: Price Direct materials Direct labor Variable overhead Fixed manufacturing overhead Standard Quantity/Hours 7 ounce 0.5 hours 0.5 hours $2.00 per ounce $23.00 per hour $ 6.00 per hour Standard Cost per Unit $14.00 per unit $11.50 per unit $3.00 per unit $3.00 per unit The company reported the following results concerning this product in June. Master Budget Output 2,700 units Actual Output 2,820 units Raw materials used in production 19,800 ounces Purchases of raw materials 21,400 ounces Actual direct labor-hours 1,400 hours Actual cost of raw materials purchases $ 43,800 Actual direct labor cost $ 31,600 Actual variable overhead cost $8,470 Actual fixed manufacturing overhead $8,400 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases price variance is computed when the materials are purchased. The materials purchases price variance for June is: $1,000 U $ 4.200 U O $4,200 F $ 1,000 F USLUM W materials purchases Actual direct labor cost Actual variable overhead cost Actual fixed manufacturing overhead $ 43,800 $ 31,600 $8,470 $8,400 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchas when the materials are purchased. The materials purchases price variance for June is: $1,000 U O$ 4,200 U O $ 4,200 F O $1,000 F The fixed manufacturing overhead volume variance is: 0 $300 U $360 U $300 F $ 360 F The following data has been provided for a company's most recent year of operations: Return on investment Average operating assets Minimum required rate of return 20% $170,000 15% The residual income for the year was: 00:57:17 $