Great Fender, which uses a standerd cost system, manufactured 20,000 boat fenders-during 2024, using 142,000 square feet of extruded vimi purchased at $1.40 per square foot Production required 470 direct labor hours that cost $13.00 per hour. The direct materals standard was seven square feet of viryl por fender, at a standard cost of $1.45 per square foot. The tabor standard we 0020 ditect labor hour per fender, at a standard cost of $12.00 per hour. Read the tequirement. Begin with the cost variances. Select the required formulss, compute the cost yariances for drect materiah and direct labor, and idenbfy whethec each variance is favorable (F) or untruorable (U) (Abbrevations usod AC= actual cost AC= actual quantity; FOH= fived overhead; SC= standard cost, SO= standard quantity) Requirement Compute the cost 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