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Mulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable...

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Accounting

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Mulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Standard Price or Hours Rate 3.5grams $ 1.00per gram 0.7hours $ 11.00per hour 0.7hours $ 2.00per hour The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate 3,000 units 11,370grams 1,910 hours 12, 100grams $ 1.20per gram $ 11.40per hour $ 2.10per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for July is: $1,044 U O $1,044 F O $870 F $870 U U

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