Check my work 4 Marvel Ports, 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 cat. 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 1,015 hours each month to produce 2030 sets of covers the standard costs associated with this level of production are 30 point 201204 Direct materials Direct labor Variable manufacturing overhead (bordo direct labor hours) Total of Cox $ 59,276 $29.20 $ 5,120 4.00 $ 3,857 1,90 535.10 . During August, the factory worked only 700 direct labor hours and produced 1,500 sets of covers. The following actual costs were tecorded during the month Por set Total of covers Direct serial 0,40 yards) $147,000 $7.00 Director 16.100 4.30 Varaufacturing overhead 13.150 2.10 $4,30 At standard each set of covers should require 40 yards of material All of the material purchased during the month were used in production Required: 1 Compute the materiais price and quantity variances for August 2. Compute the labor Me and efficiency variances for August Compute the variable overhead rate and efficiency variances for August indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None for no effect ( nero Variance Input amounts as positive values Monica Menance 2 tabor Latoyant Vance Volcony anane