Please do not give solution in image format thanku Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that can be adjustedto fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that havebeen set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The standard costsassociated with this level of production are:Direct materialsDirect laborVariable manufacturing overhead (basedon direct labor-hours)Total$ 45,738$ 6,930$ 3,168Direct materials (10,000 yards)Direct laborVariable manufacturing overheadDuring August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actual costs wererecorded during the month:Per Set ofCovers$ 23.103.501.60$ 28.20Total$ 56,000$ 9,250$ 4,500Per Set ofCovers$22.403.701.80$ 27.90At standard, each set of covers should require 3.3 yards of material. All of the materials purchased during the month were used inproduction.Required:1. Compute the materials price and quantity variances for August.2. Compute the labor rate and efficiency variances for August3. Compute the variable overhead rate and efficiency variances for August. (Do not round intermediate calculations. 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.)1. Materials price variance1. Materials quantity variance2. Labor rate variance2. Labor efficiency variance3. Variable overhead rate variance3. Variable overhead efficiency varianceFF

Variance is a term used in budgeting. It is the difference between a budgeted or standard cost and…

Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the stanc been set for the seat covers, the factory should work 990 hours each month to produce 1,980 sets of covers. The stane associated with this level of production are: Direct materials Direct labor Variable manufacturing overhead (based on direct labor-hours) Total $ 45,738 $ 6,930 $ 3,168 Direct materials (10,000 yards) Direct labor Variable manufacturing overhead Per Set of Covers $ 23.10 3.50 During August, the factory worked only 1,000 direct labor-hours and produced 2,500 sets of covers. The following actua recorded during the month: Total $ 56,000 $ 9,250 $ 4,500 1.60 $ 28.20 Per Set of Covers $22.40 3.70 1.80 $ 27.90 At standard, each set of covers should require 3.3 yards of material. All of the materials purchased during the month were production. Required: