Bargain Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2024 , using 142,000 square feet of extruded vinyl purchased at $1.10 per square foot. Production required 410 direct labor hours that cost $13.50 per hour The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.15 per square foot. The labor standard was 0.023 direct labor hour per fender, at a standard cost of $12.50 per hour. Read the reguirement. Begin with the cost variances. Select the required formulas, compute the cost vanances 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 each vanance is favorable (F ) or unfavorable (U) (Abbreviations used: AC= actual cost, AQ= actual quantity; FOH= fixod overhead, SC = standard cost, SQ= standard quantity.) each varance 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 Bargain Fender's managers have been making trade-offs? Explain The direct materials cost variance combined with the suggests that managers may have used direct materials efficiency variance variance is The direct labor cost variance combined with the The net effect on the total direct materials that managers may have used total direct labor variance is