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 1060 hours each month to produce 2,120 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 of Cover $ 43,460 520.50 $ 9,540 4.50 2.20 527,20 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 Per Set of Covers 520.00 Total 44,000 510, 140 $5.500 Direct aterials (5.00 yards) Direet lobort Vartable anafacturing overhead $27.20 At standard, 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 "P" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts os positive values.) Materials price variance Materials quantity variance 2 Laborrate variance Labor efficiency variance 3 Variable overhead rate variance Variable overhead officiency variance