Problem 10-9 Comprehenslve Varlance Analysis [LO10-1, LO10-2, LO10-3] Marvel Parts, Inc., 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 get for the seat covers, the factory should work 1005 hours each month to produce 2010 sets of covers. The standard costs assoclated with this level of production are: Per Set Total of Direct materials Direct Labor Variable manufacturing overhead (based on $ 28,542 $14.28 $ 8,48 4.80 direct Labor-hours) 3,618 2.86 1.80 $28.88 During August, the factory worked only 1,200 direct labor-hours and produced 2,600 sets of covers. The following actual costs were recorded during the month: Per Set Total of Direct naterials (6,889 yards) Direct Labor $ 35,188 $13.58 19,928 4.28 5,4682.18 $19.88 Variable manufacturing overhead At standard, each set of covers should require 20 yards of material. 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 efficiency varlances for August. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance). Input all amounts as positive values.) 1. Materials prce varianoe Materials quantity variance Labor efficiency variance Variable overhead efficiency varance 2. Labor rate variance 3. Variable overhead rate variance