Problem 9-24 (Algo) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6] Marvel Parts, incorporated, manufactures auto accessories; One of the company's products is a set of seat covers that can be ad;usted to ft nearty 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 1,005 hours each month to produce 2,010 sets of covers. The standard costs associated with this fevel 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 materiat. All of the materials purchased during the phonth were used in production. Required: 1 Compute the materials price and quantity variances for August 2. Compute the labor rote and etficiency variances for August. 3. Compute the variable overhesd rate and efficlency variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfovorable, and "None" for no effect (Le, zero variance), Input all amounts as positive values) (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.)