Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to ft 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 1,075 hours each month to produce 2,150 sets of covers. The standard costs assoclated with thls level of production are: Per Set Total of Covers Direct materials Direct labor Variable manufacturing overhead (based on $54,825 $25.58 5.80 s 18,758 direct labor-hours) 5,3752.58 $33.88 During August, the factory worked only 800 direct labor-hours and produced 2,500 sets of covers. The following actual costs were rec orded during the month: Per Set Total of Direct materials (12,580 yards) Direct labor Variable manufacturing overhead $58,758 $23.58 5.28 2.88 $31.50 13,8ee $ 7,8ee At standard, each set of covers should require 3.0 yards of materlal. All of the materlals purchased during the month were used In production. Requlrec 1. Compute the materlals price and quantity varlances for August. 2 Compute the labor rate and efficiency variances for August. 3. Compute the varlable overhead rate and efficiency varlances for August. (indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable" and "None" for no effect (l.?.. zero varlance). Input all amounts as positive values.) 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance