Please do not give solution in image format thanku Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3]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 1,065 hours each month to produce 2,130 sets of covers. The standard costsassociated with this level of production are:Direct materialsDirect laborVariable manufacturing overhead (basedon direct labor-hours)Total$ 35,358$ 8,520$ 3,195Direct materials (6,000 yards)Direct laborVariable manufacturing overheadPer Set ofCoversTotal$ 43,740$ 11,340$ 5,670$ 16.604.00During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The following actual costs wererecorded during the month:1.50$ 22.10Per Set ofCovers$ 16.204.202.10$ 22.50At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used inproduction. 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.(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.)Materials price varianceMaterials quantity varianceLabor rate variancearial Labor efficiency variance• kvVariable overhead rate varianceVariable overhead efficiency variance

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Description: Please do not give solution in image format thanku Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3]Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can b

Calculation of material price and quantity variance , labor rate and efficiency variance and…

Business

Accounting

Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] 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 1,065 hours each month to produce 2,130 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 $ 35,358 $ 8,520 $ 3,195 Direct materials (6,000 yards) Direct labor Variable manufacturing overhead Per Set of Covers $16.60 4.00 During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Total $ 43,740 $ 11,340 $ 5.670 1.50 $ 22.10 Per Set of Covers $ 16.20 4.20 2.10

Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] 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 1,065 hours each month to produce 2,130 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 $ 35,358 $ 8,520 $ 3,195 Direct materials (6,000 yards) Direct labor Variable manufacturing overhead Per Set of Covers $16.60 4.00 During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Total $ 43,740 $ 11,340 $ 5.670 1.50 $ 22.10 Per Set of Covers $ 16.20 4.20 2.10

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 35P: Refer to the data in Problem 9.34. Vet-Pro, Inc., also uses two different types of direct labor in...

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Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] 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 1,075 hours each month to produce 2,150 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers Direct materials $ 54,825 $ 25.50 Direct labor $ 10,750 5.00 Variable manufacturing overhead (based on direct labor-hours) $ 5,375 2.50 $ 33.00 During August, the factory worked only 800 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month: Total Per Set of Covers Direct materials (12,500 yards) $ 58,750 $ 23.50 Direct labor $ 13,000 5.20 Variable…
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8. The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance if 5,500 units were produced for an actual total of $61,000. PLEASE NOTE: Question 1: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). Question 2: Your answer is either "Favorable" or "Unfavorable" - no quotation marks. Total variance = ? Favorable or unfavorable?
Comprehensive Variance Analysis 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 uses a standard cost system for all of its products. According to the standards that have been set for the seat covers, the factory should work 2,850 hours each month to produce 1,900 sets of covers. The standard costs associated with this level of production are: During August, the factory worked only 2,800 direct labor-hours and produced 2,000 sets of covers. The following actual costs were recorded during the month. At standard, each set of covers should require 5.6 yards of material. All of the materials purchased during the month were used in production. Required: Compute the following variances August: 1. The materials price and quantity variances. 2. The labor rate and efficiency variances. 3. The variable overhead rate and efficiency variances.
9. Ryker Company produces a product that requires 2 standard gallons per unit. The standard price is $20.00 per gallon. If 4,000 units required 8,200 gallons, which were purchased at $19.75 per gallon, what is the direct materials (a) price variance, (b) quantity variance, and (c) total cost variance?
6. A manufacturer planned to use $78 of variable overhead per unit produced, but in the most recent period, it actually used $76 of variable overhead per unit produced. During this same period, the company planned to produce 500 units but actually produced 540 units. NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F” (for Favorable) or "U” (for Unfavorable) - capital letter and no quotes. What is the variable overhead spending variance? Is it favorable or unfavorable?
Please answer this question in its entirety. Reflect on the image to provide specific and easy to understand answers. Problem 9-24 (Algo) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6] 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 uses a standard cost system for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,065 hours each month to produce 2,130 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers Direct materials $ 35,358 $ 16.60 Direct labor $ 8,520 4.00 Variable manufacturing overhead (based on direct labor-hours) $ 3,195 1.50 $ 22.10 During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Total…
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Problem 10-15 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Flexible Budget Actual Sales (4,000 pools) $ 239,000 $ 239,000 Variable expenses: Variable cost of goods sold* 57,680 70,390 Variable selling expenses 16,000 16,000 Total variable expenses 73,680 86,390 Contribution margin 165,320 152,610 Fixed expenses: Manufacturing overhead 72,000 72,000 Selling and administrative 82,000 82,000 Total fixed expenses 154,000 154,000 Net operating income (loss) $ 11,320 $ (1,390) *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to “get things under control.” Upon reviewing the plant’s income statement, Ms. Dunn…