Fortes Incorporated 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.
The company has reported the following actual results for the product for April:
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.
Definitions:
Internal Supply
Refers to the resources, capabilities, and competencies that are available within an organization, which can be utilized to achieve strategic objectives.
Retrained
The process of teaching employees new skills or refreshing their existing skills to meet the current demands of their job or prepare for new job roles.
HR Supply
The availability of qualified candidates, both internally and externally, to meet the human resources needs of an organization.
Employee Turnover
The rate at which employees leave a company and are replaced by new hires, often used as an indicator of the work environment and employee satisfaction.
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