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Great Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 144,000 square feet of extruded vinyl purchased at $1.40 per square foot. Production required 420 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.45 per square foot. The labor standard was 0.023 direct labor hour per fender, at a standard cost of $12.50 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 Identity 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) Formula Variance Direct materials cost variance Direct labor cost variance uirement e cost varl avorable (F rd quantity Requirement - X identify wheti SC = standar rials cost 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. cost varia Print Done Homework: Chapter 8 Practice Homework Grenier which we stare content martie 20.000 Donde curg 2001 14.000 lot of the wyprased $10 perto Porto 515.6 per tout The Grenade toys and cost 45 per The 25th and cont of $12.50 per hou Header to won the computea cost voor de manerywherschwister Auroro Star Formu Varice -X Det material cost in Requirement Drect laber cott Variance Compute the conces for men and director Doel te massage Geest Fender's managerstve been destapan Print Done Great Fender which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 144,000 square feet of extruded vinyl purchased at $1.40 per square foot. Production required 420 direct labor hours that cost $13.50 per hour. The direct materials standard was seven square feet of vinyi per tender, at a standard cost of $1.45 per square foot. The labor standard was 0.023 direct labor hour per tender, at a standard cost of $12.50 per hour Read the fequiremen Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identity whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost;AQ actual quantity: FOH = foxed overhead, SC = standard cost; SQ = standard quantity Formula Variance Direct materials cost variance Direct labor cost variance