$28.60 At standard, each set of covers should require 3.5 yards of material. All of the materials purchased during the month were used in productiorn 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 unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) 3Answer is complete but not entirely correct. 995F 50,600 U s price Materials quantity variance rate variance