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 uses a standard cost system for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,070 hours each month to produce 2,140 sets of covers. The standard costs associated with this level of production are: During August, the factory worked only 1,000 direct labor-hours and produced 2.400 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require 1.5 yards of matetial. All of the matenals purchased during the month were used int production Required: 1 Compute the materials price and quanty vationces for August. 2 Compute the labor rate and efficiency vanances for August. 3 Compute the variable overheod 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.) 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.)