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Marvel Parts, Inc, 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 uses a standard cost system for all of its products According to the standards that have been set for the seat covers the factory should work 1,040 hours each month to produce 2.080 sets of covers. The standard costs associated with this level of production are: Per Set Total of Covers Direct materiala $ 40,5 $19.50 Direct labor $ 7,200 Variable sarutacturing berhead (bused e direct labor-hours) 2.DO 525.00 During August, the factory worked only 600 direct labor hours and produced 1,800 sets of covers. The following actual costs were recorded during the month Direct naturista (5,000 yarda Direct labor Variable sarutacturing serhead Per Set Total of Cover 534,200 $19.00 $ 6,666 3.70 2.30 $25.00 At standard, each set of covers should require 2.5 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 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 (.e., zero varlance). Input all amounts as positive values.) 1. Materiais price variance Materiais quand variance 2 Laborrate variance Labor efficiency variance 3 Variable overhead rate variance Variable overhead efficiency variance You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and do what you can to help us get better control of our manufacturing averhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Actual Coat in Coat Tormala March Utilities $16,400 + 50.17 per machine-hour $ 21,710 Maintenance $38,100 + $2.00 per machine-hour $ 73,900 Supplies 50.70 per machine-hour 5 14,500 Indirect labor 534,100+ $1.50 per machine-hour 5126,500 Depreciation 543,500 $ 70,200 During March, the company worked 19.000 machine hours and produced 13,000 units. The company had originally planned to work 21,000 machine-hours during March Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a flexible budget for March. (Input all amounts as positive values.) FAB Corporation Flexible Budget For the Month Ended March 31 Machine-hours Usities Maintenance Supplies Indirect labor Depreciation Total Required: Required 2 > You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asiced that you review the company's costing system and do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excelent first step in overhead planning and control. After much effort and analysis. you determined the following cost formulas and gathered the following actual cost data for March: Actual Coat in Coat Tormala March Utilities $16,400.50.17 per machine-hour $ 21,770 Maintenance 538,100 + 52.00 per machine-hour 5 73,900 Supplies 50.70 per machine-hour Indirect labor 534,100 + $1.50 per nachine-hour $126,500 Depreciation 568,500 $ 70,200 During March, the company worked 19.000 machine hours and produced 13,000 units. The company had originally planned to work 21,000 machine hours during March Required: 1. Prepare a flexible budget for March. 2. Prepare a report showing the spending variances for March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a report showing the spending variances 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). Input all amounts as positive values.) FAB Corporation Spending Variances For the Month Ended March 31 US Maintenance Supplies Indirect labor Depreciation Total