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

Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be adjusted to fit most cars. According to its standards, the factory should work $1,055$ hours each month to produce $2,110$ sets of seat covers. The standard costs associated with this level of production are:

Total Per Set of Covers

Direct materials $ $51,273$ $ $24\mathrm{.}30$

Direct labor $ $10,5505\mathrm{.}00$

Variable manufacturing overhead $($based on direct labor$-$hours$)$ $ $4,8532\mathrm{.}30$

$ $31\mathrm{.}60$

During August, the factory worked $1,000$ direct labor$-$hours and produced $2,100$ sets of covers. The following actual costs were recorded during the month:

Total Per Set of Covers

Direct materials $(6,800$ yards$)$ $ $49,980$ $ $23\mathrm{.}80$

Direct labor $ $10,9205\mathrm{.}20$

Variable manufacturing overhead $ $5,4602\mathrm{.}60$

$ $31\mathrm{.}60$

At standard, each set of covers should require $3\mathrm{.}0$ 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.

Note: 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.

$\backslash$table$[[1.$ Materials price variance,,$],[1.$ Materials quantity variance,,$],[2.$ Labor rate variance,,$],[2.$ Labor efficiency variance,,$],[3.$ Variable overhead rate variance,,$],[3.$ Variable overhead efficiency variance,,$]]$