Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be adjusted...

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Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be adjusted to fit most cars. According to its standards, the factory should work 1,030 hours each month to produce 2,060 sets of seat covers. The standard costs associated with this level of production are: Total Direct materials Direct labor $ 39,140 $ 9,270 Per Set of Covers $ 19.00 4.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,502 1.70 $ 25.20 During August, the factory worked 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month: Direct materials (5,500 yards) Direct labor Variable manufacturing overhead Total $ 29,920 $ 7,520 $ 4,000 Per Set of Covers $ 18.70 4.70 2.50 $ 25.90 At standard, each set of covers should require 2.5 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 labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. Note: Do not round intermediate calculations. Indicate 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. 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance Marvel Parts, Incorporated, manufactures auto accessories including a set of seat covers that can be adjusted to fit most cars. According to its standards, the factory should work 1,030 hours each month to produce 2,060 sets of seat covers. The standard costs associated with this level of production are: Total Direct materials Direct labor $ 39,140 $ 9,270 Per Set of Covers $ 19.00 4.50 Variable manufacturing overhead (based on direct labor-hours) $ 3,502 1.70 $ 25.20 During August, the factory worked 640 direct labor-hours and produced 1,600 sets of covers. The following actual costs were recorded during the month: Direct materials (5,500 yards) Direct labor Variable manufacturing overhead Total $ 29,920 $ 7,520 $ 4,000 Per Set of Covers $ 18.70 4.70 2.50 $ 25.90 At standard, each set of covers should require 2.5 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 labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. Note: Do not round intermediate calculations. Indicate 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. 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead efficiency variance