Problem 10-9 (Algo) Comprehensive Varlance Analysis [LO10-1, LO10-2, LO10-3] Marvel Parts, Incorporated, manufactures auto accessorles. 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 1,035 hours each month to produce 2,070 sets of covers. The standard costs assoclated with this level of productlon are: Durling August, the factory worked only 500 direct labor-hours and produced 1,700 sets of covers. The following actual costs were recorded durling the month: At standard, each set of covers should require 20 yards of materlal. All of the materlals purchased during the month were used in production. Required: 1. Compute the materlals price and quantity varlances for August. 2 Compute the labor rate and efficlency varlances for August. 3. Compute the varlable overhead rate and efficlency varlances for August. (Do not round intermedlate calculations. Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.)