Hull Guard, which used a standard cost accounting system, manufactured 240,000 boat fenders during the year, using 1,730,000 feet of extruded vinyl purchased at $1.15 per foot. Production required 4,900 direct labor hours that cost $14.50 per hour. The materials standard was 7 feet of vinyl per fender at a standard cost of $1.25 per foot. The labor standard was 0.022 direct labor hour per fender at a standard cost of $13.00 per hour. 0 Requirements rate and efficiency variances for direct labor. (Enter the variances arest whole dollar. Label the variances as favorable (F) or 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain. 2. wer