Hon. Conte Homework #9 & Problem 10-9 (Algo) Comprehensive Variance Analysis (LO10-1, LO10-2, LO10-3) 7 07 Marvel Parts. Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be used 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 995 hours each month to produce 1990 sets of covers the standard costs associated with this level of production are Total Per set of Covers Direct materiais $4,362 5.23.2 Direct labor Variable manufacturing overhead (based on direct labor-hours $ 2,38 . During August, the factory worked only 1000 direct labor hours and produced 2,300 sets of covers the following stucouts we recorded during the month Total Per setor Covers Direct materials (8,000 yards $50,600 $ 23,00 Direct labor $ 10,500 4.60 Variable manufacturing overhead 2.00 At standard, each set of covers should require 35 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.ee variance). Input all amounts as positive values.) wir war 77 Next > Ulr canor Variable soutacturing overhead 10,500 $4,600 4.60 2.00 $ 28.60 07 points At standard, each set of covers should require 3.5 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 overbead rate and efficiency variances for August (Indicate the effect of each variance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effectie, ter variance). Input all amounts as positive values.) Book References 1. Materials price variance 1. Materials quantly variance 2. Laborrate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance