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Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjuster to fit 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 990 hours each month to produce 1,980 sets of covers. The standard costs associated with this level of production are: Duting August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers shouid 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 iabor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficlency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., ze variance). Input all amounts as positive values.)

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