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 1030 hours each month to produce 2,060 sets of covers. The standard costs associated with this level of production are Per Set of Covers $19.00 4.50 Total $ 39, 140 59,270 Direct materials birect labor Variable manufacturing overhead (based on direct labor-hours) $ 3,502 1.70 $25.20 During August, the factory worked only 640 direct labor-hours and produced 1600 sets of covers. The following actual costs were recorded during the month Total Direct materials (5,500 yards) Direct labor Variable manufacturing overhead Per Set of Covers $ 29,920 318.70 $ 7.520 4.70 $ 4,000 2.50 $25.90 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 vartances 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 (ie, zero varience). Input all amounts as positive values.) 1 Materialnire variance