Supetior Fender, which uses a standard cost system, manulactured 20,000 boat fonders during 2024, using 141,000 square feet of extruded vingl purchased at $1.20 per square foot Production required 430 direct labor hours that cost $13.60 per hour. The drect materials standard was seven square feot of vimpt per fender, at a standard cost of $1.25 per square foot. The labor standard was 0.024 direct labor hour per-fender, af a standard cost of $12.50 per hour. Fead the regvirement Begin with the cost variances. Select the requied formulas, compute the octi variances for drect materials and drect laboc, and lidently whether each vanance is faworable (F) or untavonale (U) (Aboreviations used: AC= actual cost, AQ= actual quantity, FOH=f foed owechead, SC= standard cost, SO * standard quantity) Select the required formulas, compute the effciency variances for deect materials and diect labor, and idemify whether each variance is tavorable (F) or (U) (AbBrevatons used AC : Does the pattern of variances sugaest Supenor Fender's managers have tean making trade-offs? Explain. performed more efficienty. The net eflect on the total direct labor variance is Requirement Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Superior Fender's managers have been making trade-offs? Explain. rect materials cost variance combined with the direct materials efficiency variance suggests that m direct materials variance is ect labor cost variance combined with the direct labor efficiency variance suggests that managers