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

Heye 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 Standard Quantity or Hours per Unit of Output Standard Price or Rate Direct materials 6.7 grams $7.80 per gram Direct labor 0.20 hours $19.00 per hour The company has reported the following actual results for the product for August: Actual output 6,300 units Raw materials purchased 48,100 grams Actual price of raw materials $7.00 per gram Raw materials used in production 42,200 grams Actual direct labor-hours 1,350 hours Actual direct labor rate $20.10 per hour Compute the materials quantity variance (MQV) for August

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