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 1065 hours each month to produce 2,130 sets of covers. The standard costs associated with this level of production are Direct materiale Direct labor Variable manufacturing overhead based on direct labor-houro) Total $ 35, 358 $ 8,520 Por Sot OF Cover $16.60 1.00 $ 3, 155 1.50 022.10 During August, the factory worked only 1,050 direct labor-hours and produced 2700 sets of covers. The following actual costs were recorded during the month: Direct materials 6,000 yards) Direct labor Variable manufacturing overhead Total 843,740 $11,340 9.5.670 Per not of Cover 316.20 1.20 2.10 322.50 At standard, each set of covers should require 2.0 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 (i.e., zero variance). Input all amounts as positive values.) 1. Material price variance Materials quantity variance 2 Laborrate variance Labor efficiency variance 3. Viviable overhead rate variance Variable overhead efficiency variance

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