Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fortes incorporated has provided the following dat

Fortes Incorporated has provided the following data concerning one of the products in its standard...

50.1K

Verified Solution

Question

Accounting

Fortes Incorporated 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 7.1 ounces $ 7.30 per ounce
Direct labor 0.6 hours $ 26.70 per hour
Variable manufacturing overhead 0.6 hours $ 5.60 per hour
The company has reported the following actual results for the product for April:
Actual output 8,550 units
Raw materials purchased 61,710 ounces
Actual cost of raw materials purchased $ 341,700
Raw materials used in production 60,735 ounces
Actual direct labor-hours 3,850 hours
Actual direct labor cost $ 107,860
Actual variable overhead cost $ 20,701
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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students