Superior Guard, which used a standard cost accounting system, manufactured 220,000 boat fenders during the year, using 1,860,000 foot of extruded vinyl purchased at $1.05 per foot Production required 4,500 direct labor hours that cost $13.50 per hour. The materials standard was 8 feet of vinyl per fender at a standard cost of $1.15 per foot. The labor standard was 0.027 direct labor hour per fender at a standard cost of $12.50 per hour Read the requirements Requirement 1. Compute the price and quantity variances for direct materials. Computo the rate and efficiency variances for direct labor. (Enter the variances as positive numbers Enter currency amounts to the nearest cont and your answers to the nearest whole dollar, Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials, DL = Direct labor) Begin with the variances for direct materials. First, determine the formula for the direct materials price variance, then compute the price variance for direct materials. (Assume that the quantity of material purchased is equal to the quantity of materials used.) DM price variance JE