ch10 question 1

question 2

req1

req2

req3

Quiz - Ch 10 Help Save & Exit Submit Check my work 1 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 1,075 hours each month to produce 2,150 sets of covers. The standard costs associated with this level of production are: Direct naterials Direct labor Variable manufacturing overhead (baned on direct labor-hours) Per Set Total of cover $54,825 $25.50 $10,750 5.00 $ 5,375 2.50 $33.00 During August, the factory worked only 800 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month Direct nate 1870 (12,500 yarda) Direct labor Variable manufacturing overhead Per sot Total of Cover 550, 750523.50 $13,000 5.20 $7,000 2.00 $31.50 At standard, each set of covers should require 3.0 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 Saved Help Save & Exit Submit Quiz - Ch 10 A Check my work 1 Direct materials (12,500 yards) Direct labor Variable manufacturing overhead Total $58,750 $13,000 $ 7.000 Per set of Covore 523.50 5.20 2.80 $31.50 Hint At standard, each set of covers should require 3.0 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 (Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance), input all amounts as positive values.) 1. Materials price variance Materials quantity variance 2. Labor rato variance Labor efficiency varianco 3. Variable overhead rate variance Variable overhead efficiency variance Quiz - Ch 10 Check my work 2 Sharp Company manufactures a product for which the following standards have been set Standard Quantity standard Price Standard or More or Rate Cont 3 feet 55 per foot $15 7 hours per hour Hint Direct material Direct labor During March, the company purchased direct materials at a cost of $44160, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor hours were worked on the product during the month The cost of this labor time was $36,000. The following variances have been computed for the month Materiais quantity variance Labor spending variance Labor efficiency variance 3,150 $), 100 $ 700 Required: 1. For direct materials: a. Compute the actual cost per foot of materials for Morch. b. Compute the price variance and the spending variance 2. For direct labor a. Compute the standard direct labor rate per hour b. Compute the standard hours allowed for the month's production c. Compute the standard hours allowed per unit of product Complete this question by entering your answers in the tabs below. Che 2. Materials quantity variance Labor spending variance Labor efficiency variance $ 3, 150 U $ 3,100 U $ 700 U Hint Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production, c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cont per foot uiz - Ch 10 2 Materials quantity variance Labor spending variance Labor efficiency variance $ 3,150 U $ 3,100 S 700 Hint Required: 1. For direct materials a. Compute the actual cost per foot of materials for March b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production, c. Compute the standard hours allowed per unit of product Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Req2 For direct materials, compute the price variance and the spending varlance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (., zero variance) Input all amounts as positive values.) Price variance Spending variance Quiz - Ch 10 Check my wors 2 Materials quantity variance Labor spending variance Labor efficiency variance $3,150 U $ 3,100 U $ 700 U Hiru Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March b. Compute the price variance and the spending variance. 2. For direct lobor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar) 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round your intermediate value) 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) 20 Standard direct labor rate per hour 20. Standard hours allowed for the month's production 20. Standard hours allowed per unit of product M