accounting homework 495104

#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 780 hours each month to produce 2,600 sets of covers. The standard costs associated with this level of production are:?? ?Total?Per Set of Covers??  Direct materials?$59,280?$22.80??  Direct labor?$7,332?2.82??  Variable manufacturing overhead (based on direct labor-hours)?$1,560?0.60?? ? ?$26.22????  During August, the factory worked only 780 direct labor-hours and produced 2,700 sets of covers. The following actual costs were recorded during the month:??  ?Total?Per Set of Covers??  Direct materials (8,910 yards)?$62,370?$23.10??  Direct labor?$8,112?3.00??  Variable manufacturing overhead?$3,120?1.16?? ? ?27.26????  At standard, each set of covers should require 3 yards of material. All of the materials purchased during the month were used in production.?? Requirement 1:??Compute the direct materials price and quantity variances for August (Indicate the effect of each variance by selecting “F” for favorable, “U” for unfavorable, and “None” for no effect (i.e., zero variance). Input all amounts as positive values. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.):?? ? ? ??  Materials price variance?$  $?  (Click to select)Favorable None Unfavorable??  Materials quantity variance?$ $   ?  (Click to select)NoneFU????Requirement 2:??Compute the direct labor 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. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.):?? ? ? ??  Labor rate variance? $ $ …