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. Oneof the company’s products is a set of seat covers that can beadjusted to fit nearly any small car. The company uses a standardcost system for all of its products. According to the standardsthat have been set for the seat covers, the factory should work1,035 hours each month to produce 2,070 sets of covers. Thestandard costs associated with this level of production are:
During August, the factory worked only 500 direct labor-hoursand produced 1,700 sets of covers. The following actual costs wererecorded during the month:
At standard, each set of covers should require 2.0 yards ofmaterial. All of the materials purchased during the month were usedin production.
Required:
1. Compute the materials price and quantity variances forAugust.
2. Compute the labor rate and efficiency variances forAugust.
3. Compute the variable overhead rate and efficiency variancesfor 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.)