possible Bargain Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 142,000 square feet of extruded vinyl purchased at $1.10 per square foot. Production required 410 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 $1.15 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 Requirement Begin w labor, a actual d Direct Direct Select t each va fixed ov Compute the cost and efficiency variances for direct materials and direct labor Does the pattern of variances suggest Bargain Fender's managers have been making trade-offs? Explain. Print Done - X direct ost, AQ= whether OH= Read the requiremen Vetour per ferider, at a standard cost of $12.50 per hour Formula Variance Direct materials cost variance Direct labor cost variance Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify 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 efficiency variance Direct labor efficiency variance = Does the pattern of variances suggest Bargain Fender's managers have been making trade-offs? Explain Time Remaining C Direct labor efficiency variance Does the pattern of variances suggest Bargain Fender's managers have been making trade-offs? Explain The direct materials cost variance combined with the direct materials efficiency variance direct materials. The net effect on the total direct materials suggests that managers may have used variance is The direct labor cost variance combined with the that managers may have used direct labor efficiency variance suggests workers who performed more efficiently The net effect on the total direct labor variance is