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Problem - 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.
Inputs
Standard Quantity or Hours per Unit of Output
Standard Price or Rate
Direct materials
9.7 ounces
$7.80 per ounce
Direct labor
0.4 hours
$38.70 per hour
Variable manufacturing overhead
0.40 hours
$6.10 per hour
The company has reported the following actual results for the product for April:
Actual output
7300 units
Raw materials purchased
49,900 ounces
Actual cost of raw materials purchased
$372,350
Raw materials used in production
70,840 ounces
Actual direct labor-hours
2610 hours
Actual direct labor cost
$105,800
Actual variable overhead cost
$14,941
Required - Calculate the following:
1. Materials price variance
2. Materials quantity variance
3. Labor rate variance
4. Labor efficiency variance
5. Variable overhead rate variance
6. Variable overhead efficiency variance
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