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 1,065 hours each month to produce 2130 sets of covers. The standard costs associated with this level of production are: Per Set Total of Covers 35,358 $16.60 Direct naterials Direct Labor Variable manufacturing overhead (based $8,5204.00 on direct labor-hours $22.10 During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Per Set Total of Cover Direct materials (6,000 yards) Direct labor Variable manufacturing overhead 43,740 $16.20 $ 11,340 4.20 ,6702.10 $22.50 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 efficlency 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 valges.) 1. Materials price variance Materials quansty variance During August, the factory worked only 1,050 direct labor-hours and produced 2,700 sets of covers. The recorded during the month: following actual cos Per Set Totalof Covers s 43,740 16.20 $11,340 4.20 $5,6702.10 $22.50 Direct materials (6,000 yards) Direct labor variable manufacturing overhead At standard, each set of covers should require 2.0 yards of material. All of the materials purchased d 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 variance). Input all amounts as positive values.) 1. Materials price variance 2. Labor rate variance 3. Variable overhead rate variance Materials quantity variance Labor officiency variance Variable overhead efficiency variance