This question: 10 points) possib Bargain Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024, using 145,000 square feet of extruded vinyl purchased at $1.25 per square foot, Production required 420 direct labor hours that cost $15.50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.30 per square foot. The labor standard was 0.020 direct labor hour per fender, at a standard cost of $14.50 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 quantty, FOH faed overhead: SC standard cost SQ standard quantity) Direct materials cost variance Direct labor cost variance Formula (AC-SC) AQ Variance Select the required formulas, compute the efficiency 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 Sxed overhead; SC standard cost; SQ standard quantity) Direct materials efficiency variance Formula Variance Direct labor efficiency variance Does the pattern of variances suggest Bargain Fender's managers have been making trade-offs? Explain The direct materials cost variance combined with the the total direct materials variance is The direct labor cost variance combined with the efficiently. The net effect on the total direct labor variance is direct materials oficiency variance suggests that managers may have used Y direct materials. The net effect on direct labor efficiency variance suggests that managers may have used workers who performed more Time Remaining: 02:26:57 Next