Name: ACCT 285 - Practice Set #7 (Chapters 10-12 6.: Appendix 6A) Chapter 10 Mickey's Amusements Mickey's Amusements manufactures ride vehicles for roller coasters. One of their products is a seat with a harness for coasters that have inversions. Mickey's uses a standard cost system for all products. According to the standards set for the seat with a harness. the factory should work 1,100 hours each month to produce 2,200 seats. At the standard. each seat requires 3.0 sq. ft of material. The standard costs associated with this production are: Direct materials $44,220 5 6.70 per sq. ft. Direct labor $6,600 5 6.00 per hour Variable manufacturing OH (based on direct labor hours} $3,520 5 3.20 During January. the factory worked 1.000 direct labor hours and produced 2.200 seats. The following actual costs incurred during January are: I Total Direct materials [7,400 sq. ft.) $40.?00 Direct labor $8,140 Variable manufacturing OH (based on direct labor hours} $3,960 All materials purchased injanuary were used in production Calculate the following (be sure to label variances as FfU): 1} What is the materials price variance? 2) What is the materials quantity variance? 3) What is the labor rate variance? 4) What is the labor efficiency variance? 5) What is the variable OH rate variance?