Grand Fender, which uses a standard cost system, manufactured 20,000 boot fenders during 2024, using 145,000 square feet of extruded vinyl purchased at $1.05 por square foot Production required 440 direct labor hours that cost $16.50 per hour. The direct materials standand was seven square feot of vinyt per fonder, at a standind eott of $1.10 por square foot. Tho labor Atandard was 0.025 direct labor hour per fonder, at a standard cost of $15.50 per hour. Read the Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and diect labor, and identily whether each varance is favorable (F) or unfavorable (U) Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is temonable (F) or unflavorable (U). (Abtreviasons usyd Requirement Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Grand Fender's managers have been making trade-offs? Explain