He Saved ework Marvel Parts, Inc. manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit 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 1,230 hours each month to produce 2,050 sets of covers. The standard costs associated with this level of production are: Per Set Direct naterials Direct labor Variable manufacturing overhead (based Total of Covers 27,675 $13.50 8,6104.20 s 4,920 2.40 on direct labor-hours) $20.10 During August, the factory worked only 750 direct labor-hours and produced 1,500 sets of covers. The following actual costs were recorded during the month: Per Set Total of pirect paterials (3,900 yards) Direct labor Variable 19,500 $13.00 S 6,6004.40 4,800 3.20 $20.60 At standard, each set of covers should require 1.8 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. 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.)