Bwid the ieturation Premuium Fiender, which uses a standard cost system, manufactured 20,000 bost fenders during 2024, using 145,000 square feet of extruded viryl purchased at $1.35 per 3quare fox foot The labot standard was 0.027 drect labor hour per fender, at a standard cost of $13.50 per hour: Read the requetent Select the required formulas, compute the etficiency vartances for daect matenals and drect lasor, and identify whether each vaviance ss favorable (F) or untiworable (C) Requirement Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Premium Fender's managers have been making trade-offs? Explain