Connect COM Chapter 10 Homework Help Sew & 1 Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to ft nearly any smal 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 1070 hours each month to produce 2140 sets of covers. The standard costs associated with this level of production are 1.66 paints Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) llock Per Set Total of Covers $26.964 $12.60 $11,775.50 53,633 1.70 519.80 During August, the factory worked only 1000 direct labor-hours and produced 2.400 sets of covers. The following actual costs were recorded during the month Perences Direct materials (6.0 yards Direct labor Variable manufacturing overhead Per Set Total of Covers 529,210 $12.20 $ 13,60 5.7 S5,260 2.40 20. At standard, each set of covers should require 1.5 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 laborate and efficiency 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 effectie.. mero variance Input all amounts as positive values.) 1 of 3 Next > MacBook Air