Help Save & Exit Submit heck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Per Set of Total Covers $27,675 $13.50 $ 8,610 4.20 $ 4,920 2.40 $20.10 During August, the factory worked only 750 direct labor-hours and produced 1500 sets of covers. The following actual costs were recorded during the month Per Set of Total Covers Direct materials (3,900 yards) $19,500 $13.80 Direct labor $ 6,600 4.40 Variable manufacturing overhead $ 4,800 3.20 $20.60 At standard, each set of covers should require 18 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 effect of each variance by selecting "F* for favorable," for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values.) Answer is complete but not entirely correct. 1. 2 Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance 8,667X F 8,667U 1,3500 4,350 XF 1,800U 3 & 2.100XU