Problem 10-9 (Algo) Comprehensive Variance Analysis (L010-1, LO10-2, LO10-3) Marvel Ports, 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 Pertet Total of Covers $16,360 910.00 $ 7.070 3.50 Direct material Direct labor Variable manufacturing overhead (based on direct labor-hours) $3,030 11.50 323.00 During August, the factory worked only 1080 direct lobor hours and produced 2,700 sets of covers. The following actual conts were recorded during the month Direct material (0,100 yards) Direct labor Variable manufacturing overhead Total 546,980 $9.990 $6,590 Per set of Cover $17.40 2.70 1.20 $22.00 At standard, each set of covers should require 2.0 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 the zero variance). Input all amounts as positive values.) 1. Material price variance Materials quantity varianos 2. Laborrate variance Labor efficiency variance 3 Variable overhead rate variance Variable overhead officiency variance