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Prince Harry Inc. has provided the following data concerning one of the products in its standard cost system, Harry's Hot Pockets. Variable manufacturing overhead is
Prince Harry Inc. has provided the following data concerning one of the products in its standard cost system, Harry's Hot Pockets. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit Standard Price or Inputs of Output Rate Direct materials 8.7 ounces $ 6.80 per ounce Direct labor 0.6 hours $28.70 per hour Variable manufacturing overhead 0.6 hours $ 5.10 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 6,300 units 55,140 ounces $316,540 54,820 ounces 3,530 hours $105,850 $ 17,090 Required: a. Compute the materials price variance for April. b. Compute the materials quantity variance for April. c. Compute the labor rate variance for April. d. Compute the labor efficiency variance for April. e. Compute the variable overhead rate variance for April. f. Compute the variable overhead efficiency variance for April. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.)
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