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(Solution Download) Marvel Parts, Inc., manufactures auto accessories. One of the companyAc??cs products is a set of


 

 

 

 

 

 

 

Marvel

 

Parts, Inc., manufactures auto accessories. One of the companyAc??cs

 

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 1,030 hours each month

 

to produce 2,060 sets of covers. The standard costs associated with

 

this level of production are:

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

Per

 

Set

 

of Covers

 

  Direct materials

 

$

 

39,140  

 

$

 

19.00

 

 

  Direct labor

 

$

 

9,270  

 

4.50

 

  Variable manufacturing overhead

 

      (based on direct labor-hours)

 

$

 

3,502  

 

1.70

 

 

 


 


 


 

 

 

$

 

25.20

 

 

 


 


 


 


 


 


 


 

 

  

 

 

 

 

 

 

 

 

During

 

August, the factory worked only 640 direct labor-hours and produced

 

1,600 sets of covers. The following actual costs were recorded

 

during the month:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

Per

 

Set

 

of Covers

 

  Direct materials (5,500 yards)

 

$

 

29,920  

 

$

 

18.70

 

 

  Direct labor

 

$

 

7,520  

 

4.70

 

  Variable manufacturing overhead

 

$

 

4,000  

 

2.50

 

 

 


 


 


 

 

 

$

 

25.90

 

 

 


 


 


 


 


 


 


 

 

  

 

 

 

 

 

 

 

 

At

 

standard, each set of covers should require 2.50 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.

 

Compute

 

the labor rate and efficiency variances for August.

 

 

 

 

 

 

 

 

 

Compute

 

the variable overhead rate and efficiency variances for August.

 

 

 


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