Premium Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024 , using 144,000 square feet of extruded vinyl purchased at $1.15 per square foot. Production required 410 direct labor hours that cost $12.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.20 per square foot. The labor standard was 0.027 direct labor hour per fender, at a standard cost of $11.50 per hour. Read the requirement. Requirement Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of varidnces suggest Premium Fender's managers have been making trade-offs? Explain