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 uses a standard cost system for all of its products. According to the standards that hove 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 associated with this level of production are: During August, the foctory worked only 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs wore recorded during the month: 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 variances for August. 3. Compute the variable overhead rate and efficiency variances for August