I have a few questions from the last chapter that still don't understand can i get help. Marvel Parts, Inc., manufactures auto accessorles. One of the company's products Is a set of seat covers that can be adjusted to fitnearly any small car. The company has a standard cost system In use for all of Its products. According to the standards that have beenset for the seat covers, the factory should work 1,070 hours each month to produce 2,140 sets of covers. The standard costsassoclated with this level of production are:Per SetD£ Cover=Total$ 26,964$ 11,770Direct materials$12.605.50Direct laborVariable manufzcturing overhead (basedon direct labor-hours)3,6381.70$19.80During August, the factory worked only 1,000 direct labor-hours and produced 2,400 sets of covers. The followIng actual costs wererecorded during the monthPer SetTotal$29,280$13,680$ 5,760of CoveESDirect materials(6,000 yards)$12.205.702.40Direct laborVariable manufacturing overhead$20.30At standard, each set of covers should require 1.5 yards of materlal. All of the materlals purchased during the month were used inproduction.Requlred:1. Compute the materlals price and quantity varlances for August.2 Compute the labor rate and efficlency varlances for August.3. Compute the varlable overhead rate and efficlency varlances for August.(Indicate the effect of each varlance by selecting "F" for favorable,, "U" for unfavorable, and "None" for no effect (I.e., zerovarlance). Input all amounts as positive values.)1.Materials price varianceMaterials quantity variane2.Labor rate varianceLabor efficiency variance3. Variable overhead rate varianceVariable overhead efficiency varianoe

In this ques, we have to compute different variance. Variance is computed as difference between…

equired: Compute the materials price and quantity variances for August. 2 Compute the labor rate and efficiency varlances for August B. Compute the varlable overhead rate and efficiency varlances for August (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero varlance). Input all amounts as positive values.)