Question: I need some help with this case, I don't know all the formulas: Based on this case: Martin Co. gathered the following actual results for

I need some help with this case, I don't know all the formulas:

Based on this case: Martin Co. gathered the following actual results for the current month:

Actual Units produced 3,000

Direct materials purchased and used (6,100 lbs.) $27,450

Direct labor cost (4,300 hours actual) $30,100

Overhead costs incurred, in total.$40,650 [= $11,750 Variable and $28,900 Fixed overhead incurred.]

Machine hours of 310 hours actual used.

The Static original budgeted production was 4,000 units. The Input standards were:

Std Quantity x Std Price per input =Std Cost per Output U

Direct materials 2 lbs./Output unit x $4.25/lb.

Direct labor 1.5 hrs./Output unit x $7.50/hr.

Variable manufacturing overhead 0.1 machine hr x $40 per hr = $4 per unit

Fixed mfg. overhead [Budget $28,000] 0.1 machine hr x $70 per hr = $7 per unit

Q1. What is the direct materials quantity variance? _____

A. $1525U B. 1500F C. 425U D. 1950U E. None of these.

Q2. What is the direct labor rate variance? _____

A. $1500F B. 3650F C. 1525U D. 2150F E. None of these.

Q3. What is the fixed overhead volume variance? _____ [10% of test]

A. $7000U B. 900U C. 7900U D. 1000U E. None of these.

Q4. What is the variable manufacturing overhead controllable variance? _____

A. $600U B. 400U C. 250F D. 7250U E. None of these.

Q5. What is the direct material price variance? ____

A. $1525U B. 1950U C. 425U D. None of these.

Q6. What is the direct labor efficiency variance? _____

A. 3650F B. 2150F C. 1500F D. 1525U E. None of these.

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