Question1

Fortes Inc. 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. standard Quantity or Hours per Unit of Standard Price or Rate Direct material Direct labor Variable manufacturing overhead 7-1 ounces 0.6 hours 0.6 hours $ 7.30 per ounce $26.70 per hour $ 5.60 per hour The company has reported the following actual results for the product for Apri: 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 cont 8,550 units 61,710 ounces $341,700 60,735 ounces 3,850 hours $107,860 s 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. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ze variance). Input all amounts as positive values.) a. Materials price b. Materials quantity variance c. Labor rate variance d. Labor efficiency variance e. Variable overhead rate variance f. Variable overhead efficiency variance