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arvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted fit nearly any small car. The company has a standard cost system in use for alf of its products. According to the standards that have een set for the seat covers, the factory should work 1,065 hours each month to produce 2,130 sets of covers. The standard costs ssociated with this level of production are: During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The following actual costs were ecorded during the month: At standard, each set of covers should require 2.0 yards of material. All of the materials purchased during the month were used in production. Required: 1. Compute the material's 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 Note: Do not round intermediate calculations, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (t.e, zero variance). Input all amounts as positive values. 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. Note: 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