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10 points eBook Hint Prlnl References Marvel Parts. Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to t 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 1,040 hours each month to produce 2.080 sets of covers. The standard costs associated with this level of production are: Per Sat Total of Mrs Direct materials 5 40 ,560 $19. 50 Direct labor 5 7,280 3.50 Variable manufacturing overhead (based on direct labor-hours] 5 4 , 160 2. 00 $25.00 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: Per Sat Total of Mrs Direct materials [5,000 yards} $34,200 $19.00 Direct labor 5 6,660 3.70 Variable manufacturing overhead 5 4,140 2.30 $25.00 At standard, ea ch set of covers should require 2.5 yards of material. All of the materials purchased during the month 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: 10 1. Compute the materials price and quantity variances for August. points 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. eBook (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect Hint (i.e., zero variance). Input all amounts as positive values.) Print References 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3 Variable overhead rate variance Variable overhead efficiency variance4 Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex. is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fludex. as follows: 10 Standard Quantityr Standard Price Standard points or Hours or Rate Cost: Direct materials 2 . 20 ounces $23 . I] I] per ounce $ 5|] . 60 Direct: labor 0.?0 hours $12.00 per hour 8.40 eBook Variable manufacturing overhead 0. 1'0 hours $ 3. Ell] per hour 2 . 10 Total standard cost per unit $ 61.10 Prlnl References During November, the following activity was recorded related to the production of Fludex: a. Materials purchased, 11,000 ounces at a cost of $231600. b. There was no beginning inventory of materials: however, at the end of the month. 2.650 ounces of material remained in ending inventory. c. The company employs 18 lab technicians to work on the production of Fludex. During November, they each worked an average of 190 hours at an average pay rate of $10.50 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $6,200. e. During November, the company produced 3,750 units of Fludex. Required: 2 Required: 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 10 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 18 technicians employed in the production of Fludex consisted of 5 senior technicians and 13 eBook assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? Print References 3. Compute the variable overhead rate and efficiency variances. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 For direct materials, compute the price and quantity variances. (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.) Materials price variance Materials quantity variance10 points eBook Prlnl References Required: '1. For direct materials: a. Compute the price and qu antity variances. b. The materials were purchased from a nevi.r supplier who is anxious to enter into a long-term purchase contract Would you recommend that the company sign the contract? 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past. the 18 technicians employed in the production of Fludex consisted of 5 senior technicians and 13 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? 3. Compute the variable overhead rate and efficiency variances. Complete this question by entering your answers In the tabs below. Req 1A Req 13 Req 2A Rec] 23 ' Req 3 For direct materials, the materials were purchased from a new supplier who Is anxious to enter Into a long-term purchase contract. Would you recommend that the companyr sign the contract? 2 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 10 2. For direct labor: points a. Compute the rate and efficiency variances. b. In the past, the 18 technicians employed in the production of Fludex consisted of 5 senior technicians and 13 assistants. During November, the company experimented with fewer senior technicians and more assistants in order to eBook reduce labor costs. Would you recommend that the new labor mix be continued? Print 3. Compute the variable overhead rate and efficiency variances. References Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 For direct labor, compute the rate and efficiency variances. (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.) Labor rate variance Labor efficiency varianceRequired: 'I. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract Would you recommend that the company sign the contract? 1D 99"\" 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past. the 18 technicians employed in the production of Fludex consisted of 5 senior technicians and 13 93'3\"" assistants. During November, the company experimented with fewer senior technicians and more assistants in order to Pm\" reduce labor costs. Would you recommend that the new labor mix be continued? References 3. Compute the variable overhead rate and efciency variances. Complete this question by entering your answers In the tabs below. Req 1A Req 13 Req 2A In the past, the 13 technicians employed In the production of Fludex consisted of 5 senior technicians and 13 assistants. During November, the company experimented with fewer senlor technicians and more assistants In order to reduce labor costs. Would you recommend that the new labor mlx be continued? OYes ONo 2 1. For direct materials: a. Compute the price and quantity variances. b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 10 points 2. For direct labor: a. Compute the rate and efficiency variances. b. In the past, the 18 technicians employed in the production of Fludex consisted of 5 senior technicians and 13 eBook assistants. During November, the company experimented with fewer senior technicians and more assistants in order to reduce labor costs. Would you recommend that the new labor mix be continued? Print 3. Compute the variable overhead rate and efficiency variances. References Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 2A Req 2B Req 3 Compute the variable overhead rate and efficiency variances. (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.) Variable overhead rate variance Variable overhead efficiency variance