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ADED O www THAM th G B N M SIGNMENT/GRADED i Saved Help recorded during the month: Total Direct materials (6,500 yards) Direct labor Variable manufacturing overhead $ 44, 450 $ 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 during the month were used 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 (i.e., zero variance). Input all omounts os 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 Pray 1 of 1 Next hp SIGNMENT/GRADED Savod Help Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be ac 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 been set for the seat covers, the factory should work 1,045 hours each month to produce 2,090 sets of covers. The standard cos associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 49,533 $ 10,450 Per Set of Covers $ 23.70 5.00 $ 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 wer recorded during the month: Direct materials (6,500 yards) Variable manufacturing overhead Total $44,460 $ 9,880 $ 4,560 Direct labor 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 during the month were used in production Required: 1 Compute the materials price and quantity variances for August > Comite the short and efficiency wariance for annut Prey 1 of 1 !!! Next