Marvel Parts Inc. manufactures 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 2060 sets of covers. The standard costs associated with this level of production are as follows auto accessories. One of the comparry's products is a set of seat covers that can be adjusted to ft Direct materials Direct labour S 39,148 $19.8 $ 9,276e 4.50 1.70 25.20 (based on direct labour-hours) $ 3,5e2 During August, the factory worked only 640 direct labour-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month: Set Total of 29,920 $18.78 4.70 Direct materials (5,5ee yards) Direct labour Variable manufacturing overhead s 7,528 4,880 2.se 25.98 the month were used in At standard, each set of covers should require 2.50 yards of material All of the materials purchased during production. Required: 1 Compute the materials price and quantity variances for Augus varlance by selecting "F for favorable, "U" for unfevorable, and "None" for no effect (Le, zero varlance) t (Input all amounts as positive values. Indicate the effect of each Materials price vaniance Materials quantity variance 2 Compute the labour rate and efficiency varlance by selecting "P" for fevorable, "U" for unfavorable, and "None" for no effect (Le, zero varlancey) variances for August. (Input all amounts as positive volues. Indicate the effect of each Labour rate variance Labour efficiency varianoe 3. Compute the variable overhead rate and efficiency variances for August. (Input all amounts as positive values. Indicate the et of each varlance by selecting "F" for favorable, "U" for unfevorable, and "None" for no effect (Le, zero varlance).) Variable overhead rate varance Variable overhead efficiency variance