Please help me with all answers 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 1,015 hours each month to produce 2,030 sets of covers. The standard costsassociated with this level of production are:Direct materialsDirect laborVariable manufacturing overhead (based ondirect labor-hours)Direct materials (8,400 yards)Direct laborVariable manufacturing overheadDuring August, the factory worked only 700 direct labor-hours and produced 1,500 sets of covers. The following actual costs wererecorded during the month:Total$ 59,276$ 8,120$ 3,857Materials price varianceMaterials quantity variancePer Set ofCovers$29.204.00Total$ 42,000$ 6,300$ 3,150le Labor rate variance-IP. Labor efficiency variance1.90$35.10Variable overhead rate varianceVariable overhead efficiency varianceAt standard, each set of covers should require 4.0 yards of material. All of the materials purchased during the month were used inproduction.Per Set ofCovers$28.00Required:1. Compute the materials price and quantity variances for August.2. Compute the labor rate and efficiency variances for August.3. Compute the variable overhead rate and efficiency variances for August.4.202.10$ 34.30(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.)

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Description: Please help me with all answers 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

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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 1,015 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) Total $ 59,276 $ 8,120 $ 3,857 Per Set of Covers $29.20 4.00 1.90 $35.10 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:

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) Total $ 59,276 $ 8,120 $ 3,857 Per Set of Covers $29.20 4.00 1.90 $35.10 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:

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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