Check my work Marvel Parts, Inc., manufactures auto accessories. One of the coroany's products is a set of seat covers that can be adjusted to fit nearly any smalcat 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 1045 hours each month to produce 2,090 sets of covers the standard costs associated with this level of production are Totato 110.410 Cover 5.00 During August, the factory worked only 800 drector hours and produced 1,000 sets of covers. The following actual costs were recorded during the month 1140 Ad standard, each set of covers should require 30 yards of material Al 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 laborate and efficiency variances for August 3 Compute the variable overhead rate and efficiency variances for August for favorable for unfavorable, and "None" for indicate the effect of each wariance by selecting variance out a mount as positive valus) 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance