Homework Help Question & Answers

Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

Marvel Parts, Inc., manufactures auto accessories. One of the companys products is a set of seat covers that can be adjustedRequired: 1. Compute the materials price and quantity variances for August 2 Compute the labor rate and efficiency variances

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 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: Total $ 28,542 $ 8,840 Per Set of Covers $14.20 4.ee Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 3,618 1.80 $20.00 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: Direct materials (6,880 yards) Direct labor Variable manufacturing overhead Total $ 35,180 $ 10,920 $ 5,460 Per Set of Covers $13.50 4.29 2.10 $19.80 At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used in production.
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 varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.) 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance
0 0
Next > < Previous
ReportAnswer #1

1) Actual price = $35, 100/6,000 Actual price = $5.85 Standard price = $14.20/2.0 Standard price = $7.1 Standard quantity all

Standard hours allowed = 2,600*0.5 Standard hours allowed = 1,300 hours Actual rate = $10,920/1,200 Actual rate = $9.1 Labor

Know the answer?
Add Answer to:
Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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 1,005 hours each month to produce 2,010 sets of covers. The standard costs associated with this level of production are: Total $ 28,542...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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 1,005 hours each month to produce 2,010 sets of covers. The standard costs associated with this level of production are: Total $ 28,542...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat...

    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 1,005 hours each month to produce 2,010 sets of covers. The standard costs associated with this level of production are: Total Per Set...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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 990 hours each month to produce 1,980 sets of covers. The standard costs associated with this level of production are: ints Total $...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company’s products is a set of seat...

    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 1,005 hours each month to produce 2,010 sets of covers. The standard costs associated with this level of production are: Total Per Set...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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: Total $ 40,560...

  • : Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of...

    : 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 1,230 hours each month to produce 2.050 sets of covers. The standard C associated with this level of production are: Per Set...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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 1,010 hours each month to produce 2,020 sets of covers. The standard costs associated with this level of production are: Total $ 36,360...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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 1,010 hours each month to produce 2,020 sets of covers. The standard costs associated with this level of production are: Total $ 36,360...

  • Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat...

    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 1,010 hours each month to produce 2,020 sets of covers. The standard costs associated with this level of production are: Total $ 36,360...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.