Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fortes Inc has provided the following data concerning one of the products in its standard cost system Variable manufacturing overhead is applied to products on

image text in transcribed
Fortes 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 7.9 ounces 0.5 hours 0.5 hours Standard Price or Rate $ 8.00 per ounce 525.70 per hour $ 6.30 per hour The company has reported the following actual results for the product for April 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 7,500 units 63, 010 ounces $379,910 59,260 ounces 3,440 hours 5 92,520 $ 21,034 Required: a compute the materials price variance for April b. Compute the materials quantity variance for April c. Compute the labor rate vanance for April d Compute the labor efficiency variance for April e Compute the variable overhead rate variance for April 1 Compute the vanable overhead efficiency vanance for Apni (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero 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 1 Variable overhead efficiency variance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting an introduction to concepts, methods and uses

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

13th Edition

978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003

More Books

Students also viewed these Accounting questions

Question

c. Are there any prerequisites for the course?

Answered: 1 week ago