Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearty 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 1,030 hours each month to produce 2,060 sets of covers. The standard costs associated with this level of production are: Total $ 39, 140 $ 9.270 Per Set of Covers $19.ee 4.50 Direct waterials Direct labor Variable manufacturing overhead (based on direct labor. hours) $ 3,502 1.7e $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 $29.920 $ 7.520 of Covers $18.70 Direct waterials (5.500 yards) Direct labor Variable facturing overhead $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 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 os positive values.) 1 tspre va During August, the factory worked only 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month Direct materials (5,500 yards) Direct labor Variable manufacturing overhead Total $ 29,920 $ 7,520 of Covers $18.70 4.70 54. 25. At standard, each set of covers should require 2.5 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.) 1. Material price variance Materials quantity arance 2 laborate varance Laboranty vaan 3 Varble overende van Varble overendency van