{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T05:09:05-04:00", "answer_date": "2024-05-27 05:09:05", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1779477", "url": "\/study-help\/questions\/3-s-saved-marvel-parts-incorporated-manufactures-auto-accessories-one-1779477", "question_creation_date_js": "2024-05-27T05:09:05-04:00", "question_creation_date": "May 27, 2024 05:09 AM", "meta_title": "[Solved] 3 S Saved Marvel Parts, Incorporated, man | SolutionInn", "meta_description": "Answer of - 3 S Saved Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat co | SolutionInn", "meta_keywords": "3,s,saved,marvel,parts,incorporated,manufactures,auto,accessories,one,company,products", "question_title_h1": " 3 S Saved Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted", "question_title": " 3 S Saved Marvel Parts, Incorporated, manufactures auto accessories. One of", "question_title_for_js_snippet": "3 S Saved Marvel Parts, Incorporated, manufactures auto accessories One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car The company has a standard cost system in use for all of its products According to the standards that have been set for the seat covers, the factory should work 630 hours each month to produce 2,100 sets of covers The standard costs associated with this level of production are Total Direct materials $ 38,640 Direct labor $ 6,300 Per Set of Covers $ 18 40 3 00 Book Variable manufacturing overhead (based on direct labor hours) $ 3,150 1 50 $ 22 90 int During August, the factory worked only 500 direct labor hours and produced 2,000 sets of covers The following actual costs were recorded during the month ht Total Direct materials (5,000 yards) Direct labor $ 36,000 Per Set of Covers $ 18 00 $ 6,400 ces Variable manufacturing overhead $ 4,400 3 20 2 20 $ 23 40 At standard, each set of covers should require 2 3 yards of material All of the materials purchased during the month were used in production Required 1 Compute the materials price and quantity variances for August 2 Compute the labor rate and efficiency variances for August 3 Compute the variable overhead rate and efficiency variances for August (Do not round intermediate calculations 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 ) 1 Materials price variance 1 Materials quantity variance 2 Labor rate variance 2 Labor efficiency variance 3 Variable overhead rate variance 3 Variable overhead efficiency variance", "question_description": "\"image", "transcribed_text": "3 S Saved Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 630 hours each month to produce 2,100 sets of covers. The standard costs associated with this level of production are: Total Direct materials $ 38,640 Direct labor $ 6,300 Per Set of Covers $ 18.40 3.00 Book Variable manufacturing overhead (based on direct labor-hours) $ 3,150 1.50 $ 22.90 int During August, the factory worked only 500 direct labor-hours and produced 2,000 sets of covers. The following actual costs were recorded during the month: ht Total Direct materials (5,000 yards) Direct labor $ 36,000 Per Set of Covers $ 18.00 $ 6,400 ces Variable manufacturing overhead $ 4,400 3.20 2.20 $ 23.40 At standard, each set of covers should require 2.3 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Do not round intermediate calculations. 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.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance", "related_book": { "title": "Principles of Accounting", "isbn": "1439037744, 978-1133626985, 978-1439037744", "edition": "11th Edition", "authors": "Needles, Powers, crosson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/95.jpg", "uri": "\/textbooks\/principles-of-accounting-11th-edition-95", "see_more_uri": "" }, "free_related_book": { "isbn": "0367555948", "uri": "\/textbooks\/hydroxytriazenes-and-triazenes-1st-edition-978-0367555948-151497", "name": "Hydroxytriazenes And Triazenes", "edition": "1st Edition" }, "question_posted": "2024-05-27 05:09:05", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/a-rectangular-loop-of-wire-with-sides-020-and-035", "description": "A rectangular loop of wire with sides 0.20 and 0.35 m lies in a plane perpendicular to a constant magnetic field (see part a of the drawing). The magnetic field has a magnitude of 0.65 T and is...", "stars": 3 }, { "url": "\/the-kollar-company-has-a-defined-benefit-pension-plan-pension", "description": "The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2011 and 2012 are presented below ($ in millions): Information Provided by Pension Plan Actuary:...", "stars": 3 }, { "url": "\/study-help\/forensic-accounting\/536-what-are-three-common-methods-of-cash-flow-manipulation-1884718", "description": "5-36. What are three common methods of cash flow manipulation?", "stars": 3 }, { "url": "\/study-help\/psychology-2e\/how-have-psychologists-and-others-confounded-sex-and-gender-1984985", "description": "How have psychologists and others confounded sex and gender?", "stars": 3 }, { "url": "\/the-kenyon-manufacturing-company-is-interested-in-selecting-the-best", "description": "The Kenyon Manufacturing Company is interested in selecting the best location for a new plant. After a detailed study of 10 sites, the three location finalists are Georgetown, Kentucky; Marysville,...", "stars": 3 }, { "url": "\/study-help\/questions\/hra-form-19304pat-question-1-2-points-it-consider-a-9905450", "description": "hra Form 19304...pat Question 1 2 points it. Consider a scenario where the Bank of England views the UK economy to be overheating and is attempting to show the acay down uning monetary policy. Which...", "stars": 3 }, { "url": "\/study-help\/questions\/case-26-pasta-etc-family-restaurants-you-are-a-member-353775", "description": "You are a member of an independent consulting firm that specializes in serving the restaurant industry. Unlike many consulting firms that are extensions of audit firms, your firm has serious and in...", "stars": 3 }, { "url": "\/study-help\/questions\/assume-that-you-and-a-business-associate-develop-an-efficient-7636070", "description": "Assume that you and a business associate develop an efficient frontier for a set of investments. Applying the concepts of Markowitz Portfolio Theory, explain why the two of you might select different...", "stars": 3 }, { "url": "\/study-help\/questions\/as-a-member-of-the-design-team-i-worked-on-1000140", "description": "As a member of the design team, I worked on a project to modify electrical switches. The Design Team consists of three members, namely a Coordinator, a Designer, and a Design Analyst. It was my...", "stars": 3 }, { "url": "\/study-help\/questions\/when-designing-the-distribution-channel-one-of-the-decisions-we-993676", "description": "When designing the distribution channel, one of the decisions we must make is deciding the type of distribution channel to use: direct, some variant of an indirect channel, multichannel, omnichannel....", "stars": 3 }, { "url": "\/study-help\/questions\/an-electronics-company-purchases-a-particular-component-from-two-sources-1002352", "description": "An electronics company purchases a particular component from two sources: \"Supplier A\" and \"Supplier B\". The following statistics were gathered by testing a large number of the components to see if...", "stars": 3 }, { "url": "\/study-help\/questions\/need-full-calculation-with-diagrams-solution-full-accurate-clean-handwriting-3538489", "description": "Need full calculation with diagrams solution full accurate clean handwriting. GENERAL DIRECTIONS: Solve the given problems below. Writeyour answer on the space provided and box your final answer. Use...", "stars": 3 }, { "url": "\/study-help\/questions\/2-an-acclaimed-restaurant-fleur-de-lys-is-interested-in-1004224", "description": "2. An acclaimed restaurant, Fleur De Lys is interested in knowing if their diners spend more on weekends than weekdays. To determine this, random samples of 36 weekend diners and 36 weekday diners...", "stars": 3 }, { "url": "\/study-help\/questions\/i-need-answers-for-all-exercises-please-7-k-be-8373266", "description": "i need answers for all exercises please. 7 K BE 8-4 Direct labor cost budget Obj. 4 Pasadena Candle Inc. budgeted production of 785,000 candles for January. Each candle requires molding. Assume that...", "stars": 3 }, { "url": "\/is-the-modified-5question-approach-to-ethical-decision-making-superior", "description": "Is the modified 5-question approach to ethical decision making superior to the modified moral standards or modified Past in approach?", "stars": 3 }, { "url": "\/study-help\/business-statistics\/returns-on-common-stocks-the-total-return-on-a-stock-1677372", "description": "Returns on common stocks. The total return on a stock is the change in its market price plus any dividend payments made. Total return is usually expressed as a percentage of the beginning price....", "stars": 3 }, { "url": "\/study-help\/business-statistics\/automobile-fuel-economy-government-regulations-require-automakers-to-give-the-1677374", "description": "Automobile fuel economy. Government regulations require automakers to give the city and highway gas mileages for each model of car. Table 11.2 gives the highway mileages (miles per gallon) for 31...", "stars": 3 }, { "url": "\/study-help\/business-statistics\/where-do-the-young-live-figure-1110-is-a-stemplot-1677371", "description": "Where do the young live? Figure 11.10 is a stemplot of the percentage of residents aged under 18 in each of the 50 states in 2006. As in Figure 11.6 (page 227) for older residents, the stems are...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/problem-2326-lo-6-7-on-january-1-2023-kinney-1779476", "next": "\/study-help\/questions\/-1779478" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": " 3 S Saved Marvel Parts, Incorporated, manufactures auto accessories. One of", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/3-s-saved-marvel-parts-incorporated-manufactures-auto-accessories-one-1779477" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }