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 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 1,035 hours each month to produce 2,070 sets of covars. The standard oosts associated with this level of production are: Per Sat of Covers Total S 6,210 S 4,347 S31,878 $15.40 3.00 Direct materials Direct labor Variable manufacturing overhead based on direct labor-hours) 2.10 $20.50 During August, the factory worked only 500 diect labor-hours and produced 1,700 sets of covers. The following actual costs were recorded during the month Per Set of Covers Total 25,500 $15.00 $ 5,440 $ 4,080 Direct materials (5,000 yards) Direct labor Varlable manufacturing overhead 3.20 2.40 $20.60 At standard, each set of covers should require 2.00 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. (Input all amounts as positive values. Indicate th effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).) Materials price variance Materials quantity variance 2. Compute the labor rate and efficiency variances for August. (nput all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero variance).) Labor rate variance Labor efficiency variance 3. Compute the variable overhead rate and efficiency variances for August. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect i.e, zero variance).) Variable overhead rate varianco Variable overhead efficiency variance