Marvel Ports, Incorporated, manufactures auto accessorles including o set of seat covers that can be...
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Marvel Ports, Incorporated, manufactures auto accessorles including o set of seat covers that can be adjusted to fit most cars. According to its standards, the foctory should work 2,850 hours each month to produce 1,900 sets of seat covers. The standard costs assoclated with this level of production are: During Aupust. the factory worked 2,800 direct labor-hours and produced 2,000 sets of covers. The folowing actual costs were recorded during the month: 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 overnesd rate and efficiency variances for August. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F* for favorable, " U " for unfavorable, and "None" for no effect (Le, zero variance). Input alf amounts as positive values
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