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 1,015 hours each month to produce 2.030 sets of covers. The standard costs associated with this level of production are: of 59,276 $29.28 8,120 4.00 s 3,857 1.99 $35.10 Tota Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) tecong Audunt t the artony worked only 700 direct labor hours and produced 1500 sets of covers. The following actual costs were Per Set Total of Covers Direct materials (8,400 yards) $42,000 $28.0 $ 6,300 4.20 Variable manufacturing overhead $3,150 2.10 $34.30 Direct labor At standard, each set of covers should require 4.0 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