Durini Aneust, the fictary woiked only 2,800 dizect labor thours and poduced 2.000 sets of coyeis. The foliowiog actual costs were recorded burine ibe mendt. At standard, each set of covers should require 5.6 yards of material. All of the materials purchased duting the month were tsed in production. Reguired: Compute the following vanances for August: 1. The maierials price and quantity variances. 2. The laber rate and efficiency vaniances. Durini Aneust, the fictary woiked only 2,800 dizect labor thours and poduced 2.000 sets of coyeis. The foliowiog actual costs were recorded burine ibe mendt. At standard, each set of covers should require 5.6 yards of material. All of the materials purchased duting the month were tsed in production. Reguired: Compute the following vanances for August: 1. The maierials price and quantity variances. 2. The laber rate and efficiency vaniances