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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 Inputs Direct materials Direct labor Variable manufacturing Standard Price or Rate ounces $ 6.60per ounce hours 24.80per hour hours $4.90per hour 8.5 0.6 0.60 overhead The company has reported the following actual results for the product for April: Enter all numbers as positive and rounded to the nearest dollar 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 6100units $303,010 3360hours $ 86,B10 $ 15,717 Required: Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance
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