Deluxe Guard, which uses a standard cost accounting system, manufactured 220,000 boat fenders during the year, usmg 1,590,000 rn of extruded Vinyl purchased at 51.45 per metre Production required 4,700 direct labour hours that cost 512.00 per hour. The materials standard was 7 m of vinyl per fender at a standard cost of $1 50 per metre. The labour standard was 0.028 direct labour hour per tender at a standard cost of $11 50 per hour. Compute the price and eiCiency variances for direct materials and direct labour Does the pattern of variances suggest Deluxe Guard's managers have been making trade-offs? Explain. Begin by determining the formula for the price variance, then compute the price variances for direct materials (DM) and direct labour (DL). (Enter the results as positive numbers. Label each variance as favourable (F) or unfavourable [UH )x : Price variance (