Exercise 4 Sheppard Inc. has provided the following data concerning one of the products in its standard cost system Variable manufacturing overhead is applied to products on the basis of direct labor-hours Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.3 ounces 0.7 hours 0.7 hours The company has reported the following actual results for the product for April 5,900 units 54,560 ounces $298,530 Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 48,980 ounces 3,890 hours $ 91,060 $ 17,630 Standard Price or Rate: $6.40 per ounce $22.80 per hour $ 4.70 per hour quired: Compute the materials price variance for April. 5 4 0:46:30 Required: a. Compute the materials price variance for April. b. Compute the materials quantity variance for April. c. Compute the labor rate variance for April. d. Compute the labor efficiency variance for April. e. Compute the variable overhead rate variance for April. f. Compute the variable overhead efficiency variance for April. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for n variance). Input all amounts as positive values.) a. Materials price variance b. Materials quantity variance C. Labor rate variance d. Labor efficiency variance e. Variable overhead rate variance f. Variable overhead efficiency variance