W KOWY Som Enclave Outlook - TCC E EM Loan Calculator Chapter 10 Graded Assignment 5. Help 1 Marvel Parts, Inc., 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 1,010 hours each month to produce 2020 sets of covers. The standard costs associated with this level of production are: 333 pas Per set Total of Cover Direct materials 535,360 10.00 Direct Labor 57,070 3.50 Variable manufacturing overhead (based on direct labor-hours) $2.030 $23.00 t Hir Pert erences During August, the factory worked only 1,080 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month Det materials (8.100 yards) Direct labor Variable manufacturing overhead Per sot Total of Cover $ 46,980 $17.40 590 1.70 $4,599 1.70 522.00 At standard, each set of covers thould require 20 yards of material. All of the materials purchased during the month were used in production Required: 1. Compute the materiais price and quantity variances for August 2. Compute the laborate and efficiency variances for August 3. Compute the variable overhead rate and efficiency variances for August