{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-05T11:24:29-04:00", "answer_date": "2024-06-05 11:24:29", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2288108", "url": "\/study-help\/questions\/marvel-parts-incorporated-manufactures-auto-accessories-one-of-the-companys-2288108", "question_creation_date_js": "2024-06-05T11:24:29-04:00", "question_creation_date": "Jun 05, 2024 11:24 AM", "meta_title": "[Solved] Marvel Parts, Incorporated, manufactures | SolutionInn", "meta_description": "Answer of - Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that | SolutionInn", "meta_keywords": "marvel,parts,incorporated,manufactures,auto,accessories,one,company,s,products,set,seat", "question_title_h1": "Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any", "question_title": "Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is", "question_title_for_js_snippet": "Marvel Parts, Incorporated, manufactures auto accessories One of the company's 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 1,015 hours each month to produce 2,030 sets of covers The standard costs associated with this level of production are Per Set of Total Direct materials Direct labor $ 59,276 $ 8,120 Covers $ 29 20 4 00 Variable manufacturing overhead (based on direct labor hours) $ 3,857 1 90 $ 35 10 During August, the factory worked only 700 direct labor hours and produced 1,500 sets of covers The following actual costs were recorded during the month Direct materials (8,400 yards) Direct labor Variable manufacturing overhead Per Set of Total Covers $ 42,000 $28 00 $ 6,300 4 20 $ 3,150 2 10 $ 34 30 At standard, each set of covers should require 4 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 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 amounts as 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", "question_description": "\"image\"image Marvel Parts, Incorporated, manufactures auto accessories. One of the company's 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 1,015 hours each month to produce 2,030 sets of covers. The standard costs associated with this level of production are: Per Set of Total Direct materials Direct labor $ 59,276 $ 8,120 Covers $ 29.20 4.00 Variable manufacturing overhead (based on direct labor-hours) $ 3,857 1.90 $ 35.10 During August, the factory worked only 700 direct labor-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month: Direct materials (8,400 yards) Direct labor Variable manufacturing overhead Per Set of Total Covers $ 42,000 $28.00 $ 6,300 4.20 $ 3,150 2.10 $ 34.30 At standard, each set of covers should require 4.0 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. 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 amounts as 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", "transcribed_text": "", "related_book": { "title": "Intermediate accounting", "isbn": "978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094", "edition": "7th edition", "authors": "J. David Spiceland, James Sepe, Mark Nelson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/270.jpg", "uri": "\/textbooks\/intermediate-accounting-7th-edition-270", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CT8C2VY8", "uri": "\/textbooks\/the-150m-dollars-breakthrough-a-life-changing-book-on-turning-1000-into-150-000-000-in-just-3-5-years-1st-edition-979-8877132733-268759", "name": "The 150m Dollars Breakthrough A Life Changing Book On Turning 1000 Into 150 000 000 In Just 3 5 Years", "edition": "1st Edition" }, "question_posted": "2024-06-05 11:24:29", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/an-office-supply-company-conducted-a-survey-before-marketing-a-new", "description": "An office supply company conducted a survey before marketing a new paper shredder designed for home use. 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