Connect nework 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 smaill 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 1,030 hours each month to produce 2,060 sets of covers. The standard costs associated with this level of production are 39,340 $19.00 9,270 4.50 Direct labor Variable manatacturing overhead (based on direct labor-houra) During August, the factory worked only 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month: Direct materials (5,500 yards ) Direct Labor Variable sanufaeturing overhead 7,520 4.70 4,0002.50 At standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the month were used in 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 indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). Input all amounts as positive values.) Materials price Materials quantty variance rate variance Variable overhead officilency varlance Reference links