1 1 Marvel Parts, Inc, manufactures buto accessories. One of the company's products is a set of seat covers that can be adjusted to ft nearly any amell car. The company has a standard cost system in ute for all of its products. According to the standards that have been set for the seat covers the factory should work 1.040 hours each month to produce 2.080 sets of covers. The standard costs associated with this level of production are er set Total of Covers Direct materials 148.560 19.50 Direct labor 1.10 Variable manufacturing everhead (based on direct labor hours) 2.00 During August, the factory worked only 600 direct labor-hours and produced 1800 sets of covers. The following actual costs were recorded during the month Diect ateriais (5,000 yards) Direct labor variable sourcturing overhead Per Set Total of Covers $ 14,300 $10. 361 1.70 325.00 Ree At standard. ench set of covers should require 2.5 yards of material. All of the materials purchased during the month were used in production Required: 1. Compute the material 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 te zero vartance). Input all amounts as positive values.) 1. Malerier Materials and are 2. Labai Laboreiciency variance Variable and we are Verwendoline