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 1,030 hours each month to produce 2,060 sets of covers. The standard costs essociated with this level of production are: Per Set of Total Covers Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 39,140 $ 9,270 S 19.00 4.50 $ 3,502 1.70 $ 25.20 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. Per Set of Total Covers Direct naterials (5,500 yards) Direct labor $ 29,920 $ 7,520 $ 4,000 $ 18.70 4.70 2.50 Variable nanufacturing overhead $ 25.90 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 varlances for August 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of eech variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero veriance). Input all amounts as positive values.) O Answer is not complete. 1. Materials price variance 11,880 OF 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 11,400 OU 1,760 OU 7.200 OF 3. Varniable overhead rate variance 3. Variable overhead etfficiency variance 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 1,030 hours each month to produce 2,060 sets of covers. The standard costs essociated with this level of production are: Per Set of Total Covers Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) $ 39,140 $ 9,270 S 19.00 4.50 $ 3,502 1.70 $ 25.20 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. Per Set of Total Covers Direct naterials (5,500 yards) Direct labor $ 29,920 $ 7,520 $ 4,000 $ 18.70 4.70 2.50 Variable nanufacturing overhead $ 25.90 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 varlances for August 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of eech variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e, zero veriance). Input all amounts as positive values.) O Answer is not complete. 1. Materials price variance 11,880 OF 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 11,400 OU 1,760 OU 7.200 OF 3. Varniable overhead rate variance 3. Variable overhead etfficiency variance