Pro Findar, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 145,000 square feet of extruded veryl purchased at 51.15 per square food Production reqcired 460 direct labor hours that cost 515.50 por hour. The dired materiats standard was seven square feet of vinyt per fender, at a standard cost at 5120 per squam foot. The labor standard wiat 0.026 direct labor hoair per fender, at a standard cost of $14.50 per hour. Read the reguirement Begin with the cost variances. Select the required formulas, compute the cost variances for direct malerials and direct labor, and identify whether each variance is fiwnerible if) of unfavorable (U) (Abbreviations used: AC =-actual cost AQ " actual quantity. FOH= fled ovorhead, SC = atandard cost: SO= standard quantly) Requirement Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of yariances suggest Pro Fender's managers have bee0 making trade-ofis? Explain. Begin with the cost variancess Select the required formulas, compote the cost wariances for direct matrirals and dioct latiar, and identily whecher nach van ance ia favirable (f) oe