Bargain Guard, which used a standard cost accounting system, manufactured 160,000 boat fenders during the year, using 1,380,000 feet of extruded vinyl purchased at $1.50 per foot Production required 4,300 direct labor hours that cost $14.00 per hour. The materials standard was 8 feet of vinyl per fender at a standard cost of $1.65 per foot. The labor standard was 0 027 dired labor hour per fender at a standard cost of $13.00 per hour. Read the requirements Requirement 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. (Enter the variances as positive numbers intercumency amounts to the nearest on Begin with the variances t purchased is equal to the Requirements 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor 2. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain Abbreviations used: DM Direct materials, DL Direct labor Xrice variance for direct materials. (Assume that the quantity of materials Print Done