Per Set of Covers $ 13.50 4.20 Total Direct materials $ 27,675 Direct labor $ 8,610 Variable manufacturing overhead (based on direct labor-hours) $ 4,920 2.40 $ 20.10 During August, the factory worked only 750 direct labor-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month Direct materials (3,900 yards) Direct labor Variable manufacturing overhead Total $ 19,500 $ 6,600 $ 4,800 Per Set of Covers $ 13.00 4.40 3.20 $20.60 At standard, each set of covers should require 18 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 (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect fi.e., zero variance). Input all amounts as positive values.) 1. Materials price variance 1. Materials quantity variance 2 Laborrate variance 2 Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead officiency variance