Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Materials price variances is calculated on material purchased and materials quantity is based on Material used in production. 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 |
8.7 |
ounces |
$ |
6.80 |
per ounce |
||
Direct labor |
0.6 |
hours |
$ |
28.70 |
per hour |
||
Variable manufacturing overhead |
0.60 |
hours |
$ |
5.10 |
per hour |
||
The company has reported the following actual results for the product for April:
Actual output |
6300 |
units |
|
Raw materials purchased |
48,900 |
ounces |
|
Actual cost of raw materials purchased |
$ |
316,540 |
|
Raw materials used in production |
54,840 |
ounces |
|
Actual direct labor-hours |
3530 |
hours |
|
Actual direct labor cost |
$ |
105,850 |
|
Actual variable overhead cost |
$ |
17,090 |
Required:
Enter all numbers as positive and rounded to the nearest dollar |
|
Materials price variance |
$ |
Materials quantity variance |
$ |
Labor rate variance |
$ |
Labor efficiency variance |
$ |
Variable overhead rate variance |
$ |
Variable overhead efficiency variance |
$ |
Fortes Inc. has provided the following data concerning one of the products in its standard cost...
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 Output 8.7 ounces 0.6 hours 0.6 hours Standard Price or Rate Inputs Direct materials Direct labor Variable manufacturing overhead 6.80 per ounce $28.70 per hour s 5.10 per hour 48 The company has reported the following actual results for the product for April:...
Fortes Inc. has provided the following data concerning one of the products in its standard cost system. Materials price variances is calculated on material purchased and materials quantity is based on Material used in production. 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 10.0 ounces $ 8.10 per ounce Direct labor 0.5 hours $ 24.70 per hour Variable manufacturing overhead...
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