Marvel Parts, Inc., manufactures auto accessories. One of the companys products is a set of seat covers that can be adjusted 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 2,850 hours each month to produce 1,900 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers

Direct materials $ 42,560 $ 22.40

Direct labor $ 17,100 9.00

Variable manufacturing overhead (based on direct labor-hours) $ 6,840 3.60

$ 35.00

During August, the factory worked only 2,800 direct labor-hours and produced 2,000 sets of covers. The following actual costs were recorded during the month:

Total Per Set of Covers

Direct materials (12,000 yards) $ 45,600 $ 22.80

Direct labor $ 18,200 9.10

Variable manufacturing overhead $ 7,000 3.50

$ 35.40

At standard, each set of covers should require 5.6 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. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).)

Materials price variance ? ?

Materials quantity variance ? ?

. Compute the labor rate and efficiency variances for August. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).)

labor rate variance ? ?

labor efficiency variance ? ?

3. Compute the variable overhead rate and efficiency variances for August. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).)

Variable overheard rate variance ? ?

variable overhead efficiency variance ? ?

Question 2)

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $8.00 per pound $ 40.00 Direct labor: 2 hours at $14 per hour 28.00 Variable overhead: 2 hours at $5 per hour 10.00 Total standard cost per unit $ 78.00 The planning budget for March was based on producing and selling 25,000 units. However, during March the company actually produced and sold 30,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $7.50 per pound. All of this material was used in production. b. Direct laborers worked 55,000 hours at a rate of $15.00 per hour. c. Total variable manufacturing overhead for the month was $280,500.

1. What raw ,materials cost would be included in the companys plannign budget for March?

Raw materials cost ?

2.

What raw materials cost would be included in the companys flexible budget for March?

raw material cost ?

3) What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.).)

Materials price variance ? ?

4) What is the materials quantity variance for March?

Materials quantity variance ? ?

5) If Preble had purchased 170,000 pounds of materials at $7.50 per pound and used 160,000 pounds in production, what would be the materials price variance for March?

materials price variance ? ?

6)f Preble had purchased 170,000 pounds of materials at $7.50 per pound and used 160,000 pounds in production, what would be the materials quantity variance for March?

Materials quantity variance ? ?

7)What direct labor cost would be included in the companys planning budget for March?

Direct labor cost ?

8)What direct labor cost would be included in the companys flexible budget for March?

direct labor cost ?

9)What is the labor rate variance for March?

Labor rate variance ? ?

10)What is the labor efficiency variance for March?

labor efficiency variance ? ?

11)What is the labor spending variance for March?

labor spending variance ? ?

12). What variable manufacturing overhead cost would be included in the companys planning budget for March?

Variable manufactoring overhead cost ?

13). What variable manufacturing overhead cost would be included in the companys flexible budget for March?

Variable manufactoring overhead cost ?

14)What is the variable overhead rate variance for March?

Variable overhead rate variance ? ?

15) What is the variable overhead efficiency variance for March

Variable overhead efficiency variance ?