Problem 10-9 (Algo) Comprehensive Variance Analysis [LO10-1, LO10-2, LO10-3] 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 smalf 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 630 hours each month to produce 2,100 sets of covers. The standard costs associated with this fevel of production are: During August, the factory worked only 500 ditect labor hours and produced 2,000 sets of covers. The following actuat costs wore rocorded during the month: At standard, each set of covers should requle 2.3 yards of material. All of the moterials purchased during the month were used in production Required: 1. Compute the materiats price and quantity variances fot August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the varioble overhead tate ond efliciency variances for August. \begin{tabular}{|l|l|l|} \hline 1. Matorials price variance & & \\ \hline 1. Materials quantity vatianco & & \\ \hline 2. Labor rate variance & & \\ \hline 2. Labor efficiency variance & & \\ \hline 3. Variable overhesd rate variance \\ \hline 3. Variable overhead efficiency variance & & \\ \hline \end{tabular}