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 cat. 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 1,015 hours each month to produce 2.030 sets of covers. The standard costs assiociated with this level of production are: Duting August, the factory worked anly 700 direct iaboc-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require 4.0 yards of material, All of the materials putchased duting the month were used in production. Pequired: 1. Compute the materials price and quantify variances for August. 2. Compute the tabor rate and efficiency variances for August. 3. Compute the variable oveshead rate and efficiency variances for August. (indicate the effect of each variance by selecting "F" for favorable, " U " for untavorable, and "None" for no effect (Le., zero variance), Input all amounts as positive vatues.)