Problem $10-9($Algo$)$ Comprehensive Variance Analysis $[$LO$10-1,$ LO$10-2,$ LO$10-3]$

Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted

to fit 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 $1,070$ hours each month to produce $2,140$ sets of covers. The standard costs

associated with this level of production are:

During August, the factory worked only $1,000$ direct labor$-$hours and produced $2,400$ sets of covers. The following actual costs were

recorded during the month:

At standard, each set of covers should require $1\mathrm{.}5$ yards of material. All of the materials purchased during the month were used in

production.

Required:

Compute the materials price and quantity variances for August.

Compute the labor rate and efficiency variances for August.

Compute the variable overhead rate and efficiency variances for August.

$($Do not round intermediate calculations. Indicate the effect of each variance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable,

and "None" for no effect $($i$.$e$.,$ zero variance$).$ Input all amounts as positive values.$)$