Problem 10-9 (Algo) Comprehensive Variance Analysis (L010-1, LO10-2 LO10-3) Marvel Parts, Inc., 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 1,010 hours each month to produce 2,020 sets of covers. The standard costs associated with this level of production are: Direet materiale Direct labor Variable manufacturing overhead (based on direct labor-hours During August, the factory worked only 1580 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month: Total $ 46,980 of Covere $17.40 Direct materials (8,100 yards) Direct labor Variable manufacturing overhead 13:16 $22.80 purchased during the month were used in At standard, each set of covers should require 2.0 yards of material 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 Zero (Indicate the effect of each variance by selecting "F" variance). Input all amounts as positive values.) 1. Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance 3. Variable overhead rate variance Variable overhead efficiency variance 4