Problem $9-24($Static$)$ Comprehensive Variance Analysis $[$LO$9-4,$ LO$9-5,$ LO$9-6]$

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 $2,850$ hours each month to produce $1,900$ sets of seat covers. The standard costs associated with this level of production are:

$$TotalPer Set of CoversDirect materials$ $42,560$$ $22\mathrm{.}40$Direct labor$ $51,30027\mathrm{.}00$Variable manufacturing overhead $($based on direct labor$-$hours$)$$ $6,8403\mathrm{.}60$$ $53\mathrm{.}00$

During August, the factory worked $2,800$ direct labor$-$hours and produced $2,000$ sets of covers. The following actual costs were recorded during the month:

$$TotalPer Set of CoversDirect materials $(12,000$ yards$)$$ $45,600$$ $22\mathrm{.}80$Direct labor$ $49,00024\mathrm{.}50$Variable manufacturing overhead$ $7,0003\mathrm{.}50$$ $50\mathrm{.}80$

At standard, each set of covers should require $5\mathrm{.}6$ yards of material. All of the materials purchased during the month were used in production.

Required:

Compute the materials price and quantity variances for August.

Compute the labor rate and efficiency variances for August.

Compute the variable overhead rate and efficiency variances for August.

Note: 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.