Great Fender, which uses a standard cost accounting system, manufactured 20, 000 boat fenders during the year, using 145, 000 feet of extruded vinyl purchased at $1.15 per foot. Production required 430 direct labor hours that cost $15.50 per hour. The materials standard was 7 feet of vinyl per fender, at a standard cost of $1.20 per foot. The labor standard was 0.025 direct labor hour per fender, at a standard price of $14.50 per hour. Requirement Compute the price and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Great Fender's managers have been making trade-offs Explain. Compute the price variances for direct materials and direct labor and select if the amount is favorable or unfavorable Direct materials _____ __ Direct labor ____