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 1,045 hours each month to produce 2,090 sets of covers. The standard costs assoclated with this level of production are: Per Set Total of Covers Direct materials 49,533 10,45e $23.7e Direct labor 5,0e Variable manufacturing overhead (based on $ 4,598 direct labor-hours) 2.20 $30.90 During August, the factory worked only 800 direct labor-hours and produced 1,900 sets of covers. The following actual costs were recorded during the month: Per Set Total of Covers Direct materials (6,500 yards) 44,460 $23.40 Direct labor 9,888 5.20 $ 4,560 Variable manufacturing overhead 2.40 $31.ee 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. Required: 1. Compute the materlals price and quantity varlances for August. 2 Compute the labor rate and efficlency varlances for August. 3. Compute the varlable 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 (Il.e., zero varlance). Input all amounts as positive vealues.) 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance