om-Dec. 22, 2020 Melo um Marvel Parts Inc, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to 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 1.075 hours each month to produce 2.350 sets of covers. The standard costs associated with this level of production are as follows: Per Set Total of Covers Direct materials $ 54,825 $25.50 Direct labour $ 10,750 5.00 Variable manufacturing overhead (based on direct labour-hours) $ 5,375 $33.00 2.50 During August, the factory worked only 800 direct labour-hours and produced 2,500 sets of covers. The following actiuni costs were recorded during the month: Direct materials (12,500 yards) Direct labour Variable manufacturing overhead Total $ 58,750 $ 13,000 $ 7,000 Per Set of Covers $23.50 5.20 2.80 $31.50 At standard, each set of covers should require 3.00 yards of material. All of the materials purchased during the month were used in production At standard, each set of covers should require 3.00 yards of material. All of the materias purchased during the month were used in production Required: 1. Compute the materials price and quantity variances for August. (input all amounts as positive values indicate the effect of such variance by selecting "Ffor favorable. "U" for unfavorable, and "None" for no effecties variance Materials price variance Materials quantity variance 2. Compute the labour rate and efficiency variances for August. (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect. Tero variances Labour rate variance Labour officiency variance 3. Compute the variable overhead rate and efficiency variances for August. input all amounts as positive values indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect ... ero variance Variable overhead revenance Variable overhed efficiency variance