Best Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 145,000 square feet of entruded viryl purchased at $1:20 per seuare foot. Pioduction required 430 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of viryl per fender, at a standard oost of $1.25 per square foot. The lator standard was 0.025 diect labor hour per fendec, at a standard cost of $12.50 per hour Read the reguiremert Begin with the cost variances. Select the required formulas, compute the cost variances for drect materials and diect labor, and idently whether ebch varlance is frvorabie (F) or untavorabie (U). (Abbreviations usod: AC= actual cost AQ= actual quanthy, FOH= fued overhesd; SC= standard ocet, SSO = standard quantiy), Select the required formulas, compute the efliciency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or untarorable (U) (Abbreviations used AC = actual cost: AQ= actual quanbty; FOH= fored ovechead; SC= standard cost SQ= a standard quansty)