Marvel Parts, Incorporated, 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 1,035 hours each month to produce 2,070 sets of covers. The standard costs associated with this level of production are: Total Per Set of Covers $ 15.40 3.00 Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 31,878 $ 6,210 $ 4,347 2.10 $ 20.50 During August, the factory worked only 500 direct labor-hours and produced 1,700 sets of covers. The following actual costs were recorded during the month: Direct materials (5,000 yards) Direct labor Variable manufacturing overhead Total $ 25,500 $ 5,440 $ 4,080 Per Set of Covers $ 15.00 3.20 2.40 $ 20.60 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 efficiency 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 values.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. 2. Compute the materials price and quantity variances for each material. 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Compute the labor rate and efficiency variances for each operation. (Indicate the effect of each varianci "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts a values.) Direct Labor VariancesSintering: Labor rate variance Labor efficiency variance Direct Labor VariancesFinishing: Labor rate variance Labor efficiency variance Mickley Corporation produces two products, Alphabs and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system, with the following standards for each product (on a per unit basis): Product Alpha 6 Zeta 7 Raw Material X442 Y661 2.5 kilos 2.5 liters 4.5 kilos 3.5 liters Standard Labor Time Sintering Finishing 0.20 hours 0.90 hours 0.30 hours 1.20 hours Information relating to materials purchased and materials used in production during May follows: Material X442 Y661 Purchases 15,000 kilos 16,000 liters Purchase Cost $ 39,000 $ 20,800 Standard Price $ 2.40 per kilo $ 1.40 per liter Used in Production 9,500 kilos 14,000 liters The following additional information is available: a. The company recognizes price variances when materials are purchased. b. The standard labor rate is $23.00 per hour in Sintering and $20.00 per hour in Finishing. c. During May, 1,300 direct labor-hours were worked in Sintering at a total labor cost of $30,550, and 2,950 direct labor-hours were worked in Finishing at a total labor cost of $64,900. d. Production during May was 1,600 Alpha6s and 1,300 Zeta7s. Required: 1. Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. 2. Compute the materials price and quantity variances for each material. 3. Compute the labor rate and efficiency variances for each operation. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Complete the standard cost card for each product, showing the standard cost of direct materials and di (Round your answers to 2 decimal places.) Standard Quantity or Hours Standard Price or Rate Standard Cost Alphab: Direct materials-X442 Direct materials-Y661 kilos per kilo per liter liters Direct labor-Sintering hours per hour hours per hour Direct labor-Finishing Total Zeta 7 Direct materials-X442 Direct materials-Y661 kilos per kilo liters per liter