Problem 9-24 Comprehensive Variance Analysis (L09-4, LO9-5, LO9-6) 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 uses a standard cost system for all of its products. According to the standards that have been set for the seat covers, the factory should work 2,850 hours each month to produce 1,900 sets of covers. The standard costs associated with this level of production are: Direct materiala Direct labor Variable manufacturing overhead (based on direct labor-hours) Per Set Total of covera $ 42,560 $22.40 $51,300 27.00 $ 6,840 3.60 $53.00 During August, the factory worked only 2,800 direct labor-hours and produced 2,000 sets recorded during the month: covers. The following actual costs were Direct materials (12,000 yards) Direct labor Variable manufacturing overhead Total $45,600 $ 49,000 $ 7.000 Der Bet of Covers $22.00 24.50 3.50 $50.00 At standard, each set of covers should require 5.6 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 ench variance by selecting "p" for favorable, "U" for unfavorable, and "None" for no effect (1. tero variance). Input all amounts as positive values.)