Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

any help please to fit nearly any small car. The company has a standard cost system in use for all of its products, According to

any help please

image text in transcribed
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 1,010 hours each month to produce 2,020 sets of covers. The standard costs associated with this level of production are: Total Per Set of Direct materials Covers $ 36, 360 Direct labor $ 1B. 09 $7,870 J.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,030 During August, the factory worked only 1080 direct labor-hours and produced 2700 sets of covers The following actual costs were recorded during the month: Total Per Set of Covers Direct materials (8,100 yard] $ 46, 930 $ 17.40 Direct labor $ 9.990 J.70 Variable runufacturing overhead 1 4.501 At standard, each set of covers should require 2 0 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 "F" for favorable, "U" for unfavorable, and "None" for no effect bie, zero variance). Input all amounts as positive values.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting, The Financial Chapters

Authors: Tracie Miller Nobles

12th Edition

013449041X, 9780134490410

More Books

Students also viewed these Accounting questions

Question

1. What is a rehabilitation theory?

Answered: 1 week ago

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

What reward will you give yourself when you achieve this?

Answered: 1 week ago