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I need help with this accounting question please Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Marvel Parts, Incorporated, manufactures auto accessories. One of
I need help with this accounting question please
Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seot covers that can be adjusted to fit nearly ony 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 980 hours each month to produce 1,960 sets of covers. The standard costs associated with this level of production ore During August, the factory worked only 1,000 direct lobor-hours and produced 2:100 sets of covers The following actual costs were recorded during the month At standard, each set of covers should require 2.5 yords of material. All of the materials purchased during the month were used in production. Required: 1. Compute the moterials price and quantity variances for August 2. Compute the labor rote and efficiency varionces for August. 3. Compute the variable overhead rate and efficiency variances for August (Do not round intermediate calculations. 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 amounts as positive values.) Step by Step Solution
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