Hul Guard, which used a standard cost acoounting system, manufactured 240,000 boat lenders during the year, using 1,540,000 feet of extruded viny purchasied at 51,40 .per foot Production per fender at a standard cost of $15.50 per hour. Read the reguirements Requirement 1. Compute the price and quantify variances for direct materials. Compute the rale and efficiency variances for direct fabor. (Enter the vartancas as positive numbers. Enter curtency Begin with the variances for direct materials. Fint, determine the formula for the direct materials price variance, then compute the price variance for direct materials. (Astume that the quartiny of materials purchased is equal to the quantify of materials used.) Determine the formula for the direct materials quantify variance, then compute the quantity variance for diect materials. Next, compute the variances for direct labor. Fint, determine the formula for the rate variance, then compule the rate variance for direct labor