Marvel Parts, Incorporated, manufactures auto accessories. One of the company’s products is a set of seat covers that ca

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Marvel Parts, Incorporated, 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 1,000 hours each month to produce 2,000 sets of covers.
The standard costs associated with this level of production
are:
During August, the factory worked only 1,050 direct labor-hours
and produced 2,400 sets of covers. The following actual costs were
recorded during the month:
At standard, each set of covers should require 3.0 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 variance). Input all amounts as positive values.)