Pro Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 144,000 square feet of extruded vinyl purchased at $1.25 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 $1.30 per square foot. The labor standard was 0.024 direct labor hour per fender, at a standard cost of $12.50 per hour Read the requirement quantity.) 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 usied AC actual cost. AQ actual quantity, FOH fixed overhead, SC standard cost SQ standard quantity) Direct materials efficiency variance Direct labor efficiency variance Formula Variance Next mort