Marvel Parts, Incorporated; manufoctures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly amy smali cat. 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 1,990 sets of covers, The standard costs assoclated with this level of production are: During August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs were recorded during the month: Afstanidard each set of covers should require 3.5 yards of material. All of the materials purchased during the month were used in Required: 1. Compute the materjals price and quantity vatiances for August 2 Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency varlances for August. 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 efficlency variances for August. 3. Compute the varlable overhead rate and efficiency variances for August. (Do not round intermediate calculations. Indicote the effect of each variance by selecting "F" for favorable, "U" for unfavorable, ond "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Marvel Parts, Incorporated; manufoctures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly amy smali cat. 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 1,990 sets of covers, The standard costs assoclated with this level of production are: During August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs were recorded during the month: Afstanidard each set of covers should require 3.5 yards of material. All of the materials purchased during the month were used in Required: 1. Compute the materjals price and quantity vatiances for August 2 Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency varlances for August. 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 efficlency variances for August. 3. Compute the varlable overhead rate and efficiency variances for August. (Do not round intermediate calculations. Indicote the effect of each variance by selecting "F" for favorable, "U" for unfavorable, ond "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
