Grand Guard, which used a standard cost accounting system, manufactured 220,000 boat fenders during the year, using 1,370,000 feet of extruded vinyl purchased at $1.35 per foot. Production required 4,300 direct labor hours that cost $15.00 per hour. The materials standard was 6 feet of vinyl per fender at a standard cost of $1.45 per foot. The labor standard was 0.023 direct labor hour per fender at a standard cost of $13.50 per hour. Read the requirements.. Requirement 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. (Assume that the quantity of materials purchased is equal to the quantity of materials used. Enter the variance as a positive number. Round your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) The direct materials price variance is The direct materials quantity variance is The direct labor rate variance is The direct labor efficiency variance is Requirement 2. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain. The used: The direct materials price variance combined with the materials. The net effect is direct labor rate variance combined with the direct materials quantity variance suggests that managers may have direct labor efficiency variance suggests that managers may have used Grand Guard, which used a standard cost accounting system, manufactured 220,000 boat fenders during the year, using 1,370,000 feet of extruded vinyl purchased at $1.35 per foot. Production required 4,300 direct labor hours that cost $15.00 per hour. The materials standard was 6 feet of vinyl per fender at a standard cost of $1.45 per foot. The labor standard was 0.023 direct labor hour per fender at a standard cost of $13.50 per hour. Read the requirements. , , quantity of materials purchased is equal to the quantity of materials used. Enter the variance as a positive number. Round your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) The direct materials price variance is The direct materials quantity variance is The direct labor rate variance is The direct labor efficiency variance is Requirement 2. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain. The used The direct materials price variance combined with the materials. The net effect is direct labor rate variance combined with the workers who performed more efficiently. The net effect is direct materials quantity variance suggests that managers may have direct labor efficiency variance suggests that managers may have used I 1. 2. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain. Requirements