Problem 10-9 (Algo) Comprehensive Variance Analysis (LO10-1, LO10-2, L010-3) Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted 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 1,045 hours each month to produce 2,090 sets of covers. The standard costs associated with this level of production ater Direct tertals Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 49,533 $ 10,450 $4,398 Der Set of Cover 5 23.70 3.00 2.20 $ 30.90 During August, the factory worked only 800 direct lobor-hours and produced 1,900 sets of covers. The following actual costs were recorded during the month Total Per let or Covere Direct material 6,500 yards) 46.460 $ 2.40 Direct labor 89,00 5,20 Variable manufacturing overhead $4,560 40 01:00 At standard, each set of covers should require 3.0 yards of material. All of the materials purchased during the month were used in production Required: Compute the materiais 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 ench variance by selecting "F* for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance). Input all amounts as positive values.) 1. Materials price variance 1. Materials quantity variance 2 Laborrate variance 2. Labor efficiency variance 3. Variable overhead rate variance 3. Variable overhead officiency variance