Grand Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2016, using 141,000 square feet of extruded vinyl purchased at $1.40 per square foot. Production required 420 direct labo hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.45 per square foot. The labor standard was 0.028 direct labor hour per fender, at a standard cost of $12.50 per hour. Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Gran Fender's managers have been makin ra e o s, x Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC- actual cost AQ actual quantity: FOH fixed overhead; SC standard cost, SQ standard quantity.) Formula Variance Direct materials cost variance Direct labor cost variance Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check