Bargain Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 144,000 square feet of extruded vinyl purchased at $1.35 per square foot. Production required 420 direct labor hours that cost $14.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of 51.40 per square foot. The labor standard was 0.023 direct labor hour per fender, at a standard cost of $13.50 per hour. Read the fequittoman Begin with the cost variances Solect the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance in favorable (F) or unfavorable (U). (Abbreviations used: AC actual cost AD actual quantity: FOH - fixed Overhead; SC - standard cost: 80 standard quantity) Formula Variance Direct materials cost variance Direct labor cost variance