All-Star Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 145,000 square feet of extruded vinyl purchased at 1.15 per square foot. Production required 430 direct labor hours that cost 13.50 per hour. The direct materials standard was 7 square feet of vinyl perfender, at a standard cost of 1.20 per square foot. The labor standard was .025 direct labor hour per fender, at a standard cost of 12.50 per hour.

Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U).

Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U).