Chapter 10 HW Help Save & Exit Submit Check my work 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 990 hours each month to produce 1,980 sets of covers. The standard costs associated with this level of production are points Direct materials 45,738 23.10 Variable nanufacturing overhead (based on direat labor-hours) During August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month: Direct naterial (10,000 yards) Direct Labor Variable nanufacturing overhead 56,000 22.40 $ 9,250 3.70 4,5001.80 27.90 At standard, each set of covers should require 3.3 yards of material. All of the materials purchased during the month were used in Chapter 10 HW Help Save& Exit Submit Check my work 3 At standard, each set of covers should require 3.3 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 points Book (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.) References Materials price variance Materials quarity variance Labor efficiency variance Variable overhead efficiency variance 2 Labor rate variance 3. Variable overhead rate variance