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i Requirements - X SO 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. Print Done Dock Guard, which used a standard cost accounting system, manufactured 190 000 boat fenders during the year using 1,190,000 feet of extruded vinyl purchased at $135 per foot Production required 4 900 direct labor hours that cost $16.00 per hour. The materials standard was 6 feet of vinyl per fender at a standard cost of $1.45 per foot The labor standard was 0028 direct labor hour per fender at a standard cost of $14.50 per hour Read the requirements Requirement 1. Compute the price and quantity variances for direct materials. Compute the rate and ency variances for direct labor (Enter the variances as positive numbers. Enter Lency amounts to the nearest cent and your answers to the nearest whole dollar Label the variances as favorable For unfavorable (U) Abbreviations used: OM-Direct materials, DL - Direct labor) Begin with the variances for direct materials. First, determine the formula for the direct materials price variance, then compute the price variance for direct materials. (Assume that the quantity of materials purchased is equal to the quantity of materials used) DM price rane