Question
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. Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate Direct materials 8.5 ounces $ 6.60 per ounce Direct labor 0.6 hours $ 24.80 per hour Variable manufacturing overhead 0.60 hours $ 4.90 per hour 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 6100 units Raw materials purchased 48,700 ounces Actual cost of raw materials purchased $ 303,010 Raw materials used in production 51,860 ounces Actual direct labor-hours 3360 hours Actual direct labor cost $ 86,810 Actual variable overhead cost $ 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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