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 cover The standard costs associated with this level of production are: Per Set of Total Covers $ 59,276 $ 8,120 Direct materials Direct labor $ 29.20 4.00 Variable manufacturing overhead (based on direct labor-hours) $ 3,857 1.90

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 cover The standard costs associated with this level of production are: Per Set of Total Covers $ 59,276 $ 8,120 Direct materials Direct labor $ 29.20 4.00 Variable manufacturing overhead (based on direct labor-hours) $ 3,857 1.90

Name: 1. Compute the materials price and quantity variances for August.2. Co
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Description: 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. Marvel Parts, Incorporated, manufactures auto ac

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 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, 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, 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…