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Marvel Parts, Inc, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit early any

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Marvel Parts, Inc, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit early any small car. The company has a standard cost system in use for all of its products. According to the standards that have be et for the seat covers, the factory should work 1230 hours each month to produce 2,050 sets of covers. The standard costs ssociated with this level of production are: Tota Direct materials Direct labor $27,675 $13.50 8,610 4.20 Variable sanufacturing overhead (based on 4,928 2.40 $20.10 direct labor-hours) ring August, the factory worked only 750 direct labor-hours and produced 1,500 sets of covers. The following actual costs were corded during the month: Per Set Totalof Covers $ 19,500 $13.00 6,600 4.48 $ 4,8 3.20 $28.60 irect materials (3,900 yards) irect labor ariable manufacturing overhead During August, the factory worked only 750 direct labor-hours and produced 1,500 sets of covers. The following actual co recorded during the month: Direct materials (3,900 yards) Direct labor $ 19,500 $13.00 $ 6,600 4.40 3.20 Variable manufacturing overhead $ 4,800 $20.60 At standard, each set of covers should require 1.8 yards of material. All of the materials purchased during the month were 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 verience by selecting "F" for fevorable, "U" for unfavorable, and "None" for no effect (i.e., variance). Input all amounts as positive values.) Materials quantity variance 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" variance). Input all amounts as positive values.) 1. Materials price variance Materials quantity variance Labor efficiency variance Variable overhead efficiency variance 2. Labor rate va 3. Variable overhead rate variance

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