Account 1,2,3

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 1.055 hours each month to produce 2,110 sets of covers. The standard costs associated with this level of production are: Total of Direct materials Direct labor Variable manufacturing overhead (based on s51,273 $24.38 $ 18,550 5.00 s 4,8532.30 531.60 direct labor-hours) During August, the factory worked only 1000 direct labor-hours and produced 2100 sets of covers. The following actual costs were recorded during the month: Totallof Cove 49,980 $23.8 s 10,9205.20 5,460 260 Direct naterials (6,800 yards) Direct labor Varlable nanufacturing overhead 31-6 At standard, each set of covers should require 30 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 (Indicate the effect of each variance by selecting"F* for fevorable, "U" for unfavorable, and "None" for no effect (Le., zero variance). Input all amounts as positive values) 1 Materials price variance Materials quantity varlance Labor rate variance Laber efficiency varlance 2 Variable overhead rate variance