Problem 10-9 (Algo) Comprehensive Variance Analysis (LO10-1, LO10-2, LO-3) At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used inproduction.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 (i.e., zerovariance). Input all amounts as positive values.)1. Materials price varianceMaterials quantity variance2. Labor rate varianceLabor efficiency variance3. Variable overhead rate varianceVariable overhead efficiency variance Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3]Marvel Parts, Inc., manufactures auto accessories. 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 1,010 hours each month to produce 2,020 sets of covers. The standard costsassociated with this level of production are:Per Setof Covers$ 36,360 $18.003.50TotalDirect materialsDirect labor$ 7,070Variable manufacturing overhead (based ondirect labor-hours)$ 3,0301.50$23.00During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs wererecorded during the month:Per Setof Covers$ 46,980 $17.40$ 9,990$ 4,590TotalDirect materials (8,100 yards)Direct laborVariable manufacturing overhead3.701.70$22.80

Variance analysis: Variance analysis can be defined as the study of the difference between the…

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.

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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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