I have a few questions from the last chapter that still don't understand can i get help. Marvel Parts, Inc., manufactures auto accessorles. One of the company's products Is a set of seat covers that can be adjusted to fitnearly any small car. The company has a standard cost system In use for all of Its products. According to the standards that have beenset for the seat covers, the factory should work 1,070 hours each month to produce 2,140 sets of covers. The standard costsassoclated with this level of production are:Per SetD£ Cover=Total$ 26,964$ 11,770Direct materials$12.605.50Direct laborVariable manufzcturing overhead (basedon direct labor-hours)3,6381.70$19.80During August, the factory worked only 1,000 direct labor-hours and produced 2,400 sets of covers. The followIng actual costs wererecorded during the monthPer SetTotal$29,280$13,680$ 5,760of CoveESDirect materials(6,000 yards)$12.205.702.40Direct laborVariable manufacturing overhead$20.30At standard, each set of covers should require 1.5 yards of materlal. All of the materlals purchased during the month were used inproduction.Requlred:1. Compute the materlals price and quantity varlances for August.2 Compute the labor rate and efficlency varlances for August.3. Compute the varlable overhead rate and efficlency varlances for August.(Indicate the effect of each varlance by selecting "F" for favorable,, "U" for unfavorable, and "None" for no effect (I.e., zerovarlance). Input all amounts as positive values.)1.Materials price varianceMaterials quantity variane2.Labor rate varianceLabor efficiency variance3. Variable overhead rate varianceVariable overhead efficiency varianoe

In this ques, we have to compute different variance. Variance is computed as difference between…

equired: Compute the materials price and quantity variances for August. 2 Compute the labor rate and efficiency varlances for August B. Compute the varlable overhead rate and efficiency varlances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.)

equired: Compute the materials price and quantity variances for August. 2 Compute the labor rate and efficiency varlances for August B. Compute the varlable overhead rate and efficiency varlances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 2EB: Salley is developing material and labor standards for her company. She finds that it costs $0.55 per...

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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 has a standard cost system in use for all of its products. According to the standards that have b 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: Per Set of Covers $23.70 Total $ 49,533 $ 10,450 Direct materials Direct labor 5.00 Variable manufacturing overhead (based on direct labor-hours) $ 4,598 2.20 $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: Per Set of Covers $23.40 Total Direct materials (6,500 yards) $ 44,460 $ 9,880 $ 4,560 Direct labor 5.20 Variable manufacturing overhead 2.40 $31.00 At standard, each set of covers should require 3.0 yards of material. All of the materials…
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 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 1,030 hours each month to produce 2,060 sets of covers. The standard costs associated with this level of production are: Total Per Setof Covers Direct materials $ 39,140 $ 19.00 Direct labor $ 9,270 4.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,502 1.70 $ 25.20 During August, the factory worked only 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month: Total Per Setof Covers Direct materials (5,500 yards) $ 29,920 $ 18.70 Direct labor $ 7,520 4.70 Variable manufacturing overhead $ 4,000 2.50 $ 25.90 At…
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 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 Set of Covers $40,540 $19.50 3.50 Total Direct materiale Direct labor Variable manufacturing overhead (based on direct labor-hourn) 7.200 2.00 $25.00 E4.160 During August, the factory worked only 600 direct iabor-hours and produced 1,800 sets of covers. The folowing actual costs were recorded during the month: Per Set of Covers 34,200 19.00 3.70 2.30 $25.00 total Direct naterials (5,000 yarde) Direet labor Variable manufacturing overhead $6,640 4,140 At standard, each set of covers should require 2.5 yards of material. All of the materiais purchased…
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 1,030 hours each month to produce 2,060 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers Direct materials $ 39,140 $ 19.00 Direct labor $ 9,270 4.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,502 1.70 $ 25.20 During August, the factory worked only 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month: Total Per Set of Covers Direct materials (5,500 yards) $ 29,920 $ 18.70 Direct labor $ 7,520 4.70 Variable manufacturing overhead $ 4,000 2.50 $ 25.90 At standard, each set of covers should…
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 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 1,070 hours each month to produce 2,140 sets of covers. The standard costs associated with this level of production are: Total Per Setof Covers Direct materials $ 26,964 $ 12.60 Direct labor $ 11,770 5.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,638 1.70 $ 19.80 During August, the factory worked only 1,000 direct labor-hours and produced 2,400 sets of covers. The following actual costs were recorded during the month: Total Per Setof Covers Direct materials (6,000 yards) $ 29,280 $ 12.20 Direct labor $ 13,680 5.70 Variable manufacturing overhead $ 5,760 2.40 $ 20.30 At…
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 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 1,035 hours each month to produce 2,070 sets of covers. The standard costs associated with this level of production are: Total Per Setof Covers Direct materials $ 31,878 $ 15.40 Direct labor $ 6,210 3.00 Variable manufacturing overhead (based on direct labor-hours) $ 4,347 2.10 $ 20.50 During August, the factory worked only 500 direct labor-hours and produced 1,700 sets of covers. The following actual costs were recorded during the month: Total Per Setof Covers Direct materials (5,000 yards) $ 25,500 $ 15.00 Direct labor $ 5,440 3.20 Variable manufacturing overhead $ 4,080 2.40 $ 20.60 At…
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 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: Total Per Setof Covers Direct materials $ 49,533 $ 23.70 Direct labor $ 10,450 5.00 Variable manufacturing overhead (based on direct labor-hours) $ 4,598 2.20 $ 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: Total Per Setof Covers Direct materials (6,500 yards) $ 44,460 $ 23.40 Direct labor $ 9,880 5.20 Variable manufacturing overhead $ 4,560 2.40 $ 31.00 At standard,…