Marvel Parts, Incorporated, 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 1,045 hours each month to produce 2,090 sets of covers. The standard costs associated with this level of production are:

TotalPer Set of Covers

Direct materials$ 49,533$ 23.70

Direct labor$ 10,4505.00

Variable manufacturing overhead (based on direct labor-hours)$ 4,5982.20

$ 30.90

During August, the factory worked only 800 direct labor-hours and produced 1,900 sets of covers. The following actual costs were recorded during the month:

TotalPer Set of Covers

Direct materials (6,500 yards)$ 44,460$ 23.40

Direct labor$ 9,8805.20

Variable manufacturing overhead$ 4,5602.40

$ 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.

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.)

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 1045 hours each month to produce 2.090 sets of covers. The standard costs associated with this level of production are Total Per Set Covers Direct materials $ 49,533 $ 23.70 Direct labor 5 10,450 5.00 Variable manufacturing overhead (based on direct labor-hours) $4,590 2.20 $0.90 During August, the factory worked only B00 direct labor hours and produced 1.900 sets of covers. The following actual coats were recorded during the month Direct materials (6,500 yards) Direct labor Variable manufacturing overhead Total $44,400 59,90 $ 4,500 Per Set of Covers $25.40 5.20 2.40 $11.00 At standard, each set of covers should require 30 yards of material Al of the material 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, "Ufor unfavorable, and "None" for effectie.ro variance). Input all amounts es positive values.) 0 Hing $30.90 During August, the factory worked only 800 direct labor-hours and produced 1900 sets of covers. The following actual cons were recorded during the month: Print References Total Per Set of Covers Direct materials (6,500 yards) 544,460 5 23.42 Direct labor $9,880 5.26 Variable manufacturing overhead $ 4,50 $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 2. Compute the loborrate 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 heere verience). Input all amounts es positive values.) 1. Materials price variance 1 Materiais quantity variance 2. Laborrate variance 2. Laboreiciency variance 3 Variable overhead rate variance 3 Variable overhead efficiency variance