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 amy small cor. 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: During August, the fectory worked only 500 direct labor-hours and produced 1,700 fets of cowers. The following actual costs were recorded during the month: At standard, each set of covers should require 20 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. . Compuled 2. Compute the labor rate ond efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Do not round intermediate calculations. 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 posilive values.) 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. (Do not round intermediate calculations. 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.)