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Kropf 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 Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.60 liters 0.70 hours 0.70 hours Standard Price or Rate $ 8.20 per liter $26.70 per hour $ 7.10 per hour The company has reported the following actual results for the product for September: 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 cost 10,800 units 94,200 liters $782,500 92,900 liters 7,110 hours $193,302 $ 45,414 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. C. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) a b . Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance d. e. f. Forsyth Company manufactures one product, it does not maintain any beginning or ending inventories, and its uses a standard cost system. During the year, the company produced and sold 10,000 units at a price of $155 per unit. Its standard cost per unit produced is $125 and its selling and administrative expenses totaled $245,000. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance $ 8,500 F $12,200 U $ 5,500 U $ 6,400 F $ 4,500 F $14,000 F Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? The cost of goods sold will by $125 and its selling and administrative expenses totaled $245,000. Forsyth does not have any variable manufacturing overhead costs and it recorded the following variances during the year: Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Fixed overhead budget variance Fixed overhead volume variance $ 8,500 F $12,200 u $ 5,500 U $ 6,400 F $ 4,500 F $14,000 F Required: 1. When Forsyth closes its standard cost variances, the cost of goods sold will increase (decrease) by how much? 2. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement for the year. Forsyth Company Income Statement For the Year Total variance adjustments