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Marvel Parts, Incorporated, 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 1,045 hours each month to produce 2,090 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers Direct materials $ 49,533 $ 23.70 Direct labor $ 10, 450 5.00 Variable manufacturing overhead (based on direct labor-hours) $ 4,598 2. 20 $ 30.90 During August, the factory worked only 800 direct labor-hours and produced 1,900 sets of covers. The following actual costs were recorded during the month: Total Per Set of Covers Direct materials (6,500 yards) $ 44,460 $ 23.40 Direct labor $ 9,880 5.20 Variable manufacturing overhead $ 4,560 2.40 $ 31.00 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. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variancePuget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) 200 Revenue ($440.00q) $ 88, 090 Expenses : Wages and salaries ($11, 500 + $122.00q) 35, 900 Supplies ($5.00q) 1, 090 Equipment rental ($2, 200 + $20.00q) 6, 200 Insurance ($3,900) 3,900 Miscellaneous ($520 + $1.46q) 812 Total expense 47 , 812 Net operating income $ 40, 188 During May, the company's actual activity was 190 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $