Question: please fix the incorrect answers Marvel Pcs nc., man actures auto accessories. One of the company's products is a set of seat covers that can



please fix the incorrect answers
Marvel Pcs nc., man actures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any si all car. The company has a standard cost system in use for all of its products. According to the standards that have be set for at covers the factory should work 1,030 hours each month to produce 2,060 sets of covers. The standard costs associated th this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 39, 140 $ 9,270 Per Set of Covers $19.00 4.50 $ 3,502 $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: Per Set of Covers Total During August the factory worked only 64 direct labor-hours and produced 1.600 tot covered the Teco ded during the month Direct mees (5,500 yards) rect ariable facturing overhead Total $ 29,920 $ 7,520 $ 4,000 Per Set of Covers $18.70 4.70 2.50 $25.90 standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the month were use 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. G Prey 1 of 3 Next > 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 "F" for favorable, "U" for unfavorab variance). Input all amounts as positive values.) Answer is complete but not entirely correct. 1. 11,880 F U 2. Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance (11 400) DE (1,760) 8.6401K (1 824) F 3 544 F
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