Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Standard Price or Standard Rate Cost $ 2.50 per pound $ 14.75 Hours 5.90 pounds 0.50 hours $ 8.50 per hour $ 4.25 During the most recent month, the following activity was recorded: a. Eleven thousand four hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,140 units, using 10,260 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 670 hours of direct labor time were recorded at a total labor cost of $8,040. Required: Compute the materials price and quantity variances for the month. (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. Do not round intermediate calculations.) Materials price variance Materials quantity variance Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small 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 995 hours each month to produce 1,990 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers $ Direct materials $ 23.80 47,362 Direct labor $ 8,955 4.50 Variable manufacturing overhead (based on direct labor-hours) $ 2,388 1.20 $ 29.50 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) $ $ 22.00 50,600 $ Direct labor 4.60 10,580 Variable manufacturing overhead $ 4,600 2.00 $ 28.60 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.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance