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Grand Guard, which used a standard cost accounting system, manuftactured 100,000 bont fenders during the year, using 1,240,000 foet of extruded viryd purchased at $1,50 per foot. Production tequired 4,100 divect labor houns that cost $17,00 per hour. The materials standard was 6 foet of vimyl per fonder at a standard cost of $1.60 per foot. The labor standard wass 0.026 direct labor hour per fondor at a standard cost of $16.00 per hour. Read the requirements: Requirement 1. Cocnpute the price and quantity variances for direct malerials. Compute the nie and effciency variances for direct labor. (Enter the variances as positive numbera. Enter cianency amounts to the nearest ceot and your nnswers bo the nearnst whole dolar. Label the variances as favorable (F) of urfavorable (U) Abbrevisions urect. DM = Diroct materals, OC = Ored labor). Begin when the variances for firect materials. Fint, determine the formula for the direct malerials price variance, then compute the price vasiance tor dirset maserials. (Assume that the quantify of materials purchased is equal to the quantity of materials used.) Requirements 1. Compule the price and quantey vanances fot drect materas. Compute toe tale and effciency variances for tirect labor 2. Does the patilem of variences sugges that the comoary/s inanygers have been mabing tiade-efa? Explain