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

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Question

Accounting

Fortes Inc. has provided the following data concerning one ofthe products in its standard cost system. Materials price variancesis calculated on material purchased and materials quantity is basedon Material used in production. Variable manufacturing overhead isapplied 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 theproduct 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 androunded to the nearest dollar
Materials price variance
$
Materials quantity variance
$
Labor rate variance
$
Labor efficiency variance
$
Variable overhead rate variance
$
Variable overhead efficiency variance
$

Answer & Explanation Solved by verified expert

3.9 Ratings (717 Votes)

Material Price Variance 17921 or 15980 FavourableF Material Quantity Variance 20400 UnfavourableU Labor Rate Variance 453900 UnfavourableU Labour Efficiency Variance 717500 FavourableF Variable Overhead Rate See Answer

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

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Accounting

Answer & Explanation Solved by verified expert

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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


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

Enter all numbers as positive androunded to the nearest dollar
Materials price variance	$
Materials quantity variance	$
Labor rate variance	$
Labor efficiency variance	$
Variable overhead rate variance	$
Variable overhead efficiency variance	$