Chapter 9: Flex Budgeting and Variance Analysis Part 1 Glaab 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 8.2 ounces $6.30 per ounce Direct labor 0.60 hours $21.80 per hour Variable manufacturing overhead 0.60 hours $4.60 per hour The company has reported the following actual results for the product for April: Actual output 5,800 Units Raw materials purchased and used 48,800 Ounces Actual cost of raw materials purchased $289,600 Actual direct labor-hours 3,170 Hours Actual direct labor cost $73,240 Actual variable overhead cost $13,884 Required: Compute the materials price variance for April. Compute the materials quantity variance for April. Compute the labor rate variance for April. Compute the labor efficiency variance for April. Compute the variable overhead rate variance for April. Compute the variable overhead efficiency variance for April. Don't forget to analyze all variances (F/U).