Marvel Parts, Incorporated, manufactures auto accessorles. 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 1,020 hours each month to produce 2,040 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 2,900 sets of covers. The following actual costs were recorded during the month: Al 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 efficlency vatlances for August. 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 efficlency variances for August. 3. Compute the variable overhead rate and efficiency variances for August: (Indicate the effect of eoch voriance by selecting "F" for favorable, "U" for unfovorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Marvel Paits. locorporated, manufactures auto accessories. One of the companys products is a set of seat coners that can be adjusted to lit neaily any small car. The company has a standard cost system in use for all of its products. According to the standards that hove been set for the seat covers, the factory should work 1,020 hours ehch month to produce 2040 sets of covers. The standard cosis issociated with this level af production are: During August, the factory worked only 1,000 ditect labor-hours and produced 2,900 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require 2.5 yards of material. All of the matenals purchased during the month were used in production. Recuired: 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 varlances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.en, zero