Problem $9\mathrm{.}24($Algo$)$ Comprehenslve Varlance Analysls $[$LO$9\mathrm{.}4,$ LO$9\mathrm{.}5,$ LO$9\mathrm{.}6]$

Marvel Parts, Incorporated, manufactures auto accessorles. One of the company's products is a set of seat covers that can be adjusted

to fit nearly any small car. The company uses a standard cost system for all of Its products. According to the standards that have been

set for the seat covers, the factory should work $980$ hours each month to produce $1,960$ sets of covers. The standard costs assoclated

With this level of production are:

Durling August, the factory worked only $1,000$ direct labor$-$hours and produced $2,100$ sets of covers. The following actual costs were

recorded during the month:

At standard, each set of covers should require $25$ yards of materlal. All of the materlals purchased during the month were used in

production.

Required:

Compute the materlals price and quantlty varlances for August.

Compute the labor rate and efficlency varlances for August.

Compute the varlable overhead rate and efficlency varlances for August.

$($Indicate the effect of each varlance by selecting $"$F$"$ for favorable, $"$U$"$ for unfavorable, and "None" for no effect $($I$.$e$.,$ zero

varlance$).$ Input all amounts as positive values.$)$