vaive 10.00 points 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 smaltl car. The company has a standard oost system in use for all of as Aocording to the standards that have been set for the seat covers, the factory should work 030 hours each month to produce 2.100 sets of covers. The standard costs associated with this level of Total of Covers Direct materials Direct labor Variable manufacturing overhead 38,840 $18.40 s 6,300 3.00 $ 3.1501.50 $22.90 (based on direct labor-hours) Duing August the tastony worked only 500 iecd labor-hours and produced 2.000 sets of covers. The followring actual costs were recorded during the month Per Set Direct materials (5.000 yards) Direct labor 5 30,000$18.00 S 6.400320 $ 4.4002.20 $23.40 At standard, each set of covers shouild require 2.30 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. (Input all amounts as positive values Indicate the effect of each variance by selecting "F for favorable, "U" for unfavorable, and None" for no effect(ie, zero variance)) Materials price variance Materials quantity variance ory ed 2. Compute the labor rate and efficiency variances for August (input all amounts as positive values Indicate the effect of each variance by selecting "F* for favorable, "U for unfavorable, and "None" for no effect (i.e, zero variance)) Labor efficiency variance