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Marvel Parts, Inc., manufactures auto accessories....

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Accounting

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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 1,015 hours each month to produce 2,030 sets of covers. The standard costs associated with this level of production are: Per Set Direct materials Direct 1abor Variable manufacturing overhead (based on Total of Cover 59,276 $29.20 8,120 4.00 direct labor-hours) $ 3,857 1 35,10 During August, the factory worked only 700 direct labor-hours and produced 1,500 sets of covers. The following actual costs wer recorded during the month: Per Set Total of Covers Direct materials (8,480 yards) Direct labor Variable manufacturing overhead s 42,800 $28.ee $ 6,300 4.28 3,15e 2.1e $34.3

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