@CA 11:1 View Favorites Tooh Help Marvel Parts, ine, manufactures auk) accesores one ofthe company's proacts saset of seat covers that can teadmed totreary ay snul The compa yhas a stardad cost system m use tor all of its products. According to the standards that have been set for the seat covers, the tactory should work 1,070 hours each morth to produce 2,140 sets of covers The standard costs associated with this level of production are 526,964 $1260 $11,770 550 Direct labor (based on direct labor hours) 1.70 $19 80 s 3638 During August, the factory worked only 1,000 direct labor-hours and produced 2,400 sets of covers The tolowing actsal costs were recorded during the ment Per Set of Covers Total Direct materials (6.000 yards) Direct labor 5.70 5 5,7602 40 $20.30 $13,680 Al standard, each set of covers should require 1 50 yards of material. All of the Required and "None" for no eftect (e, zero variance).) materials puchased during the month were used in prodactorn "u for untavorable, variance by selecting "F" for tavorable, as positive values. Indicate the effect of each 1. Compute the materials price and quantity vanances for August (input all amounts Materials price variance Materials quantity variance 02 P