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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
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 Direct labor Variable manufacturing overhead ounces S 8.1Oper ounce hours S 24.70per hour 10.0 0.5 hours S 6.40per hour 0.50 The company has reported the following actual results for the product for April 7600units 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 50,200ounces S 386,210 76,030ounces 3450hours S88,880 S 21,295 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 7600units 50,200ounces S 386,210 76,030ounces 3450hours S88,880 S 21,295 Required: Enter all numbers as positive and rounded to the nearest dollar Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance
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