score : 0 pt Question Help E23-19 (book/static) Matthews Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 143,000 square feet of extruded vinyl purchased at $1 per square foot Production required 400 direct labor hours that cost $16.00 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.35 per square foot The labor standard was 0 028 direct labor hour per fender, at a standard cost of $15.00 per hour Read the requirement Begin with the cost variances. Select the required formulas, compute the cost 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 cost variance Direct labor cost variance tic) (o Requirement Compute the cost and efficiency variances for direct materials and direct labor Does the pattern of variances suggest Matthews Fender's managers have been making trade-offs? Explain. Print Done E23-19 (book/static) Matthews Fender, which uses a standard cost system, thanufactured 20,000 boat fenders during 2018, using 1 per square foot. Production required 400 direct labor hours that cost $16 00 per hour The direct materials stane standard cost of $1 35 per square foot. The labor standard was 0 028 direct labor hour per fender, at a standara Read the requirement Begin with the cost variances Select the required formulas, compute the cost variances for direct materials and d favorable (F) or unfavorable (U) (Abbreviations used AC actual cost, AQ : actual quantity; FOH-fixed overhe Formula Variance Direct materials cost variance Direct labor cost variance (AC SC)X AQ (AC SC)X SQ (AQ SO)X AC Actual FOH Allocated FOH Actual FOH Budgeted FOH Bugeted FOH Allocated FOH ctr nlellals nd direct labor, and identify wheth C actual cost, AQ actual quantity, FOH fixed overhead, SC standard cost, SQ mula Variance