24 Marvel Pitsine manufactures to accessories. One of the company's products is a set of seat covers that can be adjusted to nearly any small cac The company has a standard cost system in use for all of its products. According to the standards that have been et for the seat covers the factory should work 1015 hours each month to produce 2.030 sets of covers. The standard costs associated with this level of production are as follows: #59,276 8.120 29.20 4.00 Directe Diret Thor Variable manufacturing overhand (based on direct labour-hours) 3,857 1.90 $35.10 During August, the factory worked only 700 direct labour-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month: Direet materials (6,400 yards) Direct labour Variable manufacturing overhead Total $ 42,000 $ 6,300 $ 3,150 Per Set of Covera $28.00 4.20 2.10 $34.30 At standard, each set of covers should require 4.00 yards of material. All of the materials purchased during the month were us roduction. equired: Direet sterials (e, 400 yarda) DE Labour V manufacturing overhead Part of cover $28.00 $ 42,000 6,300 $ 3,150 4.20 2.10 334.30 At standard, each set of covers should require 4.00 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 poultive values. Indicate the effect of each variance by selecting "p" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance).) Materials price variance Materials quantity variance MacBook Air 2. Compute the labour 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 (.e, zero variance).) Labour rate variance Labour efficiency variance i. 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 "F* for favorable, "U" for unfavorable, and "None" for no effect (1.e, zero variance).) Variable overhead rate variance Variable overhead officiency variance