Last month, employees worked 1,400 hours to make 400 tents. so kgs of tent insulator were purchased and used to make 400 suits. The materials cost a total of $6.8zo Total actual labor cost was $19,600. Actual variable manufacturing overhead for the month was $6,300. Required: Using the information above, calculate the following: (1) Materials Price Variance (MPV) (2) Materials Quantity/Usage Variance (MQV) (3) Labor Rate Variance (LRV) (4) Labor Efficiency Variance (LEV) (5) Variable Manufacturing Overhead Rate Variance (VMRV) (6) Variable Manufacturing Overhead Efficiency Variance (VMEV) Answer (These formula can be used) AQ = Actual Quantity, AP = Actual Price, SP = Standard Price, SQ = Standard Quantity Favorable (F) AH = Actual Hours, AR = Actual Rate, SR = Standard Rate, SH = Standard Hours Unfavorable (U) Calculation (showing the result of the calculation) No. Variance 1. Materials Price Variance 2. Materials Quantity/Usage Variance 3. Labor Rate Variance 4. Labor Efficiency Variance Variable Manufacturing Overhead 5. Rate Variance Variable Manufacturing Overhead 6. Efficiency Variance