Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 142,000 square feet of extruded vinyl purchased at $1.05 per square foot. Production required 420 direct labor hours that cost $14.00 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.10 per square foot. The labor standard was 0.024 direct labor hour per fender, at a standard cost of $13.00 per hour. Read the requirement Direct materials cost variance Direct labor cost variance Formula Variance (AC-SC) AQ AC-SC) AQ $ 7,100 F 420 U Variance Select the required formulas, compute the efficiency 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.) Direct materials efficiency variance Direct labor efficiency variance Formula I "