Please do not give solution in image format thanku Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjustedto fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that havebeen set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The standard costsassociated with this level of production are:Direct materialsDirect laborVariable manufacturing overhead (basedon direct labor-hours)Total$ 45,738$ 6,930$ 3,168Direct materials (10,000 yards)Direct laborVariable manufacturing overheadDuring August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actual costs wererecorded during the month:Per Set ofCovers$ 23.103.501.60$ 28.20Total$ 56,000$ 9,250$ 4,500Per Set ofCovers$22.403.701.80$ 27.90At standard, each set of covers should require 3.3 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 August3. Compute the variable overhead rate and efficiency variances for August. (Do not round intermediate calculations. 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.)1. Materials price variance1. Materials quantity variance2. Labor rate variance2. Labor efficiency variance3. Variable overhead rate variance3. Variable overhead efficiency varianceFF

Variance is a term used in budgeting. It is the difference between a budgeted or standard cost and…

Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the stanc been set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The stane associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 45,738 $ 6,930 $ 3,168 Direct materials (10,000 yards) Direct labor Variable manufacturing overhead Per Set of Covers $ 23.10 3.50 During August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actua recorded during the month: Total $ 56,000 $ 9,250 $ 4,500 1.60 $ 28.20 Per Set of Covers $22.40 3.70 1.80 $ 27.90 At standard, each set of covers should require 3.3 yards of material. All of the materials purchased during the month were production. Required:

Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the stanc been set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The stane associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 45,738 $ 6,930 $ 3,168 Direct materials (10,000 yards) Direct labor Variable manufacturing overhead Per Set of Covers $ 23.10 3.50 During August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actua recorded during the month: Total $ 56,000 $ 9,250 $ 4,500 1.60 $ 28.20 Per Set of Covers $22.40 3.70 1.80 $ 27.90 At standard, each set of covers should require 3.3 yards of material. All of the materials purchased during the month were production. Required:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 13EB: Stacks manufactures two different levels of hockey sticks: the Standard and the Slap Shot. The total...

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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 1,005 hours each month to produce 2,010 sets of covers. The standard costs associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (6,000 yards) Direct labor Variable manufacturing overhead Total $28,542 $ 8,040 $ 3,618 During August, the factory worked only 1,200 direct labor-hours and produced 2,600 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $ 14.20 4.00 Total $ 35,100 $ 10,920 $ 5,460 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 1.80 $ 20.00 2. Labor efficiency variance 3. Variable…
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 1,015 hours each month to produce 2,030 sets of covers. The standard costs associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (8,400 yards) Direct labor Variable manufacturing overhead Total $ 59,276 $ 8,120 $ 3,857 During August, the factory worked only 700 direct labor-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $ 29.20 4.00 1.90 $ 35.10 Total $ 42,000 $ 6,300 $ 3,150 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable…
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 1,045 hours each month to produce 2,090 sets of covers. The standard costs associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Direct materials (6,500 yards) Direct labor Variable manufacturing overhead Total $ 49,533 $ 10,450 $ 4,598 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance Per Set of Covers $ During August, the factory worked only 800 direct labor-hours and produced 1,900 sets of covers. The following actual costs were recorded during…
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…