Marvel Parts, inc. manufactures auto accessories One of the company's products is a set of seat covers that can be adjusted to it nearly any small car. The company has a standard cost system in use for all of its products According to the stonderds that have been set for the seat covers the factory should work 1,060 hours each month to produce 2120 sets of covers. The standard costs associated with this level of production are Direct materials Direct labor Variable manufacturing overhead (based on direct Labor-hours) Total $ 43,460 $ 9,548 Per Set of Covers $20.50 4.5e 2.2 $27.20 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 Direct materials (8,800 yards) Direct labor Var Lable manufacturing overhead Total $ 44,00 $ 10, 340 $ 5,5ee Per Set of Covers $2e.ee 4.70 2.se $27.20 At standerd, each set of covers should require 25 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 indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect ().e., zero variance). Input all amounts as positive values.) Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct laborehours allowed for the actual output of the period. Data concerning the most recent year appear below Total budgeted fixed overhead cost for the year Actul fixed overhead cost for the year Budgeted direct laber-hours (denominator level of activity) Actual direct labor-hours Standard direct labor-hours allowed for the actual output $ 433,100 $425,000 61,000 62,000 59.000 Required: 1 Compute the fixed portion of the predetermined overhead tate for the year (Round Fixed portion of the predetermined overhead rate to 2 decimal places.) 2 Compute the fixed overhead budget variance and volume variance (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero variance.). Input all amounts as positive values.) per DLH 1. Fixed portion of the predetermined overhead rate 2. Budget variance Volume vanance