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Premium Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024 , using 144,000 square feet of extruded vinyl purchased at $1.05 per square foot. Production required 420 direct labor hours that cost $14.00 per hour. The direct material standard was seven square feet of vinyl per fender, at a standard cost of $1.10 per square foot. The labor standard 0.025 direct labor hour per fender, at a standard cost of $13.00 per hour. Compute the cost and efficiency variances for direct materials and direct labor. Does the pattern of variances suggest Premium Fender's managers have been making trade-offs? Explain. 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.) Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether is favorable (F) or unfavorable (U). (Abbreviations used: AC= actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost SQ= standard quantity.) Does the pattern of variances suggest Best Fender's managers have been making trade-offs? Explain