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A company manufactures a single product in which variable manufacturing overhead...

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Accounting

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A company manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: $ 6.50 per $12.00 $2.85 Standard Standard Price or Standard Quantity Rate Cost Direct materials 2.5pounds $16.25 pound Direct labor 0.6hours $ 20.00 per hour Variable manufacturing overhead 0.6hours per $ 4.75 hour During March, the following activity was recorded by the company: The company produced 5800 units during the month. A total of 18,500 pounds of material were purchased at a cost of $51.800. There was no beginning inventory of materials on hand to start the month; at the end of the month. 3700 pounds of material remained in the warehouse. During March, 3680 direct labor-hours were worked at a rate of $20.50 per hour. Variable manufacturing overhead costs during March totaled $10,688. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is

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