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help asap! Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can o fit nearly any
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Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can o fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards been set for the seat covers, the factory should work 1,045 hours each month to produce 2,090 sets of covers. The standard associated with this level of production are: Total Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Per Set of Covers $ 23.70 5.08 $ 49,533 $ 10,450 $ 4,598 2.20 $ 30,90 During August, the factory worked only 800 direct labor-hours and produced 1,900 sets of covers. The following actual costs recorded during the month Direct materials (6,500 yards) Direct labor Variable manufacturing overhead Total $.44,460 $ 9,880 $4,560 Per Set of Covers $23.40 5.20 2.40 $31.00 At standard, each set of covers should require 3.0 yards of material. All of the materials purchased duringilthe month were used production Required: Direct labor Variable manufacturing overhead $ 9,880 $4,560 5.20 2.40 $ 31.00 At standard, each set of covers should require 3.0 yards of material, All of the materials purchased during the mo 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 veriance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effec variance). Input all amounts os positive values.) 1. Materials price variance 1 Materials quantity variance 2. Loborrate variance 2. Labor efficiency varianco 3 Variable overhead inte variance 3 Variable overhead officinay variance Step by Step Solution
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