wsingrecuestionNo-1.postion Marvel Parts, Inc., manufactures auto accessories. One of the company products is a set of seat covers that can be story The standard cost system in use for all of its products According to the standards that have been set for the seat covers the factory out 1.980 sets of covers. The standard costs associated with this level of production are Por sol Total of Covers Direct materials $ 45.738523.10 Direct labor $6.930 3.50 Variable manufacturing overhead (based on direct labor-hours) $ 3.168 $28 20 1.00 During August, the factory worked only 1,000 direct labor. hours and produced 2.500 sets of covers. The following actual couts were recorded durive the most Por sot of Covers Direct materials (10,000 yards) $ 9,250 Variable manufacturing overhead Total $ 56,000 $22.40 3.70 $ 4,500 1 80 $27.90 At standard, each set of covers should require 3.3 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 offect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect fun, zero variance). Input all amounts esport values.) 1 Materials price variance THE