Marvel Parts, incorporated, monufactures auto accessories. One of the compony's products is a set of soot covers that can be agunted to fit noarly any small cac. The cortpary has a standord cost system in use for all of as products. According to the standerds tham tiven been set for the seat covers, the factory shosld work 1.060 hours eoch month to produce 2.120 sess of coven. The standard conts associsted with this ievel of pecduction are? During August, the factory worked only 500 direct labot.hours and produced 2,200 sets of cowers. The fallowing actual corts were Fecorded during the month: At standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the mooth were used in production. Required: 1. Compute the materias price and quantity variances for August. 2. Compule the labor rate and eficiency variances for August 3. Compute the variable overteod rate and efficiency variances for Augus. 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" fo variance). Input all amounts as positive values.)