Marvel Parts, Inc., manufactures auto accessories. nearly any small car. The company has a st set for the seat covers, the factory should work 1,060 hours each month to produce 2,120 sets of covers. The standard costs associated with this level of production are: One of the company's products is a set of seat covers that can be adjusted to fit tandard cost system in use for all of its products. According to the standards that have been Total of Covers 43,460 $20.50 9,5404.50 Direct labor Variable manufacturing overhead (baned on direct labor-hours) During August, the factory worked only 500 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month: Total of Covers Direct labor Variable manufacturing overhead $44,000 $20.00 $10,340 4.70 2.50 $27.20 At standard, each set of covers should require 2.5 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