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Total Per Set of Covers Direct materials $ 42,560 $ 22.40 ...

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Accounting

Total Per Set of Covers
Direct materials $ 42,560 $ 22.40
Direct labor $ 51,300 27.00
Variable manufacturing overhead (based on direct labor-hours) $ 6,840 3.60
$ 53.00

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:

Total Per Set of Covers
Direct materials (12,000 yards) $ 45,600 $ 22.80
Direct labor $ 49,000 24.50
Variable manufacturing overhead $ 7,000 3.50
$ 50.80

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:

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.

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