Morvel Parts, Incorporated, manutactures auto accessories. One of the company's products is a set of seat covors that can be adjusted to At nearly any smal car. 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 2.850 hours each month to produce 1,900 sots of covecs. The standard costs associated with this level of production are: During Augut, the factary worked only 2.900 drect labor hours and produced 2.000 sels of covers. The follewing actual costs were recorded duning the month At standard, esch set of covers thould require 5.6 yarts of matenal. Al of the masaras purchased during the month were used in production Required: 1. Compute the materiais pnce and quantty varances for August 2. Compute the labor rate and efficioncy variances for August 3. Comoule the wariablo orectead rale and efticiency variances for Augut (Do not roond intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for untavorable, and "None" for no effect (i.e, zero variance). Input all ampounts os positive values