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. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) X Answer is complete but not entirely correct. 1. Materials price variance 47,500 F 1. Materials quantity variance 42,500 U 2. Labor rate variance 3,752 X U 2. Labor efficiency variance 5,500 X F V 3. Variable overhead rate variance 3,000 U 3. Variable overhead efficiency variance 2,250 FMarvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set ofseat covers that can be adjusted to tit 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 1,0?5 hours each month to produce 2.150 sets of covers The standard costs associated with this level of production are: Total Per Set of Covers Direct materials $ 54,825 B 25.56 Direct labor $ 16,750 5.66 Variable manufacturing overhead (based on direct labor-hours) $ 5,375 2.56 E 33.66 During August. the factory worked only 800 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month: Total Per Set of Covers Direct materials (12,500 yards) $ 58,750 B 23.56 Direct labor $ 13,660 5.26 Variable manufacturing overhead $ 7,000 2.86 $ 31.56 At standard, each set ofcovers should require 3.0 yards ofmaterial. All of the materials purchased during the month were used in production