Direct materials Direct labor Variable manufacturing overhead (based on Total of Covers $ 8,955 $ 2,388 $.47,362 23.80 4.50 1.20 $29.50 direct labor-hours) During August, the factory worked only 1,000 direct labor-hours and produced 2,300 sets of covers. The following actual costs were recorded during the month Per Set Total of Covers Direct materials (8,800 yards) Direct labor Variable manufacturing overhead 50,600 $22.00 $ 10,580 4.60 2.00 $28.60 $ 4,600 At standard, each set of covers should require 3.5 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. (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.)