Grand Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 142.000 square feet of ruded vinyl purchased at $1 15 per square foot Production mo a standard cost of $1.20 per square foot The labor standard was 0.027 direct labor hour per fender, at a standard cost of 512 50 per hour Read the sequitement Begin with the cont variances Select the required formulas, compute the cost variances for direct materials and direct labor, and identity whether each variance s tovorable the untevorable (0) Formula Variance Direct materials cost variance Direct labor cost variance struded vinyl purchased at 51.15 per square foot Production rented 400 direct lahor hours that const3 60 per hour. The direct materiah standard was were funt of vintertunder or hour untity whether each variance la tovoratta Why or untavorato (Us restons Ac actual cook for actor y pone ed evhart 36 - undert cont: 10 latitud 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 Print Done