Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of...
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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 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 hours each month to produce sets of covers. The standard costs associated with this level of production are: During August, the factory worked only direct laborhours and produced sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require yards of material. All of the materials purchased during the month were used in production. Required: Compute the materials price and quantity variances for August. Compute the labor rate and efficiency variances for August. 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 ie zero variance Input all amounts as positive values. 
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 hours each month to produce sets of covers. The standard costs
associated with this level of production are:
During August, the factory worked only direct laborhours and produced sets of covers. The following actual costs were
recorded during the month:
At standard, each set of covers should require yards of material. All of the materials purchased during the month were used in
production.
Required:
Compute the materials price and quantity variances for August.
Compute the labor rate and efficiency variances for August.
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 ie zero variance Input all amounts as positive values.
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