2 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 1,000 hours each month to produce 2,000 sets of covers. The standard costs associated with this level of production are 3 points Per Set Total of Covers $41.400 $2070 $ 8.000 Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) eBook 4.00 $ 3.400 1.70 Print $26.40 Deferences During August, the factory worked only 1050 direct labor-hours and produced 2.400 sets of covers. The following actual costs were recorded during the month Per Set Total of Covers Direct materials (7500 yards) $48.000 $20.00 Direct labor $ 10.080 420 Variable manufacturing overhead $ 5040 210 $26 30 At standard, each set of covers should require 300 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 (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effectie, zero variance).) 2 At standard, each set of covers should require 3.00 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. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) 3 points eBook Materials price variance Materials quantity variance Print References 2. Compute the labor rate and efficiency variances for August (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) Laborrate variance Labor efficiency variance 2 Laborrate variance Labor efficiency variance 3 points eBook Print Deferences 3. Compute the variable overhead rate and efficiency variances for August (Input all amounts as positive values. Indicate the effect of each variance by selecting "P" for favorable, "U" for unfavorable, and "None" for no effect (1.0, zero variance).) Variable overhead rate variance Variable overhead officiency variace