Calculate the variances below, and state if favorable or unfavorable

Material Price Variance

Materials quantity variance

Labor rate variance

Labor efficiency variance

Variable overhead rate variance

Variable overhead efficiency variance

Question 1 (6 points) Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Materials price variances is calculated on material purchased and materials quantity is based on Material used in production. Variable manufacturing overhead is applied to products on the basis of direct labor- hours. Standard Quantity or Hours per Unit of Output Standard Price or Rate Inputs Direct materials 8.2 ounces S 6.30per ounce Direct labor 0.6 hours $ 21.80per hour Variable manufacturing overhead 0.60 hours $ 4.60per hour The company has reported the following actual results for the product for April: The company has reported the following actual results for the product for April: Actual output 5800units Raw materials purchased 48,400 ounces Actual cost of raw materials purchased $ 289,600 Raw materials used in production 47,580ounces Actual direct labor-hours 3170hours Actual direct labor cost S 73,240 Actual variable overhead cost $ 13,884