Problem 9-24 (Algo) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6] Marvel Parts, Incorporated, manufactures auto accessonies. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small cat. The compariy 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 1,005 hours cach month to produce 2010 sets of covers. The standard costs associated with this level of production are: During August, the factory worked only 1,200 direct labor-hours and produced 2,600 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require 20 yards of material. All of the materlals 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 fovorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all omounts os positive volues.) During August, the factory worked only 1,200 direct labor-hours and produced 2,600 sets of covers. The following actual costs were recorded during the month: At standard, each set of covers should require 20 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, "U" for unfavorable, and "None" for no effect (i.e., zero vorionce). Input all omounts as positive volues.)