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Any help on this is appreciated! Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can
Any help on this is appreciated!
Marvel Parts, Inc., 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 1.230 hours each month to produce 2,050 sets of covers. The standard costs associated with this level of production are Direct materials Direct Labor Variable manufacturing overhead (based on direct labor-hours) Per Set Total of Covers $ 29,675 $13.50 $ 8.610 4.20 ook $ 4,92 2.40 $20.10 During August, the factory worked only 750 direct labor hours and produced 1.500 sets of covers. The following actual costs were recorded during the month ferences Direct materials (1,900 yards) Direct labor Variable manufacturing overhead per set Total of Covers $ 19,500 $13.00 $6,500 4.10 $4,000 3.20 $20.60 At standard, each set of covers should require 18 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 Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect ile zero variance) Input all amounts as positive values.) 1 Material price variance Material quanta variance 2 Laboravalance Labor ellicine Varance 1 Variable date and Variable dating ance ru U Step by Step Solution
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