Great Fender, which uses a standard cost system, manufactured 20.000 boat fonders during 2018, using 142,000 square feet of extruded vinyl purchased at $150 per square foot Production required 410 direct labor hours that cost $15.50 per hour The direct materials standard was seven square feet of vinyl pet ender, at a standard cost of $155 per square foot. The tabor standard was 0.022 direct labor hour per tender, at a standard cost of $14.50 per hour Read the requirement Begin with the cost variances Select the required formulas, compute the cost 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=food overhead, SC - standard cost, so = standard quantity) Formula Variance Direct materials cost variance (AC-SC) A Direct labor cost variance (AQSQ) AC