Question Help Dock Guard, which used a standard cost accounting system, manufactured 170,000 boat fenders during the year, using 1.240,000 feet of extruded vinyl purchased at 51.50 per foot Production required 4,300 direct labor hours that cost $14.50 per hour. The materials standard was 7 feet of vinyl per fender at a standard cost of 5155 per foot. The labor standard was 0.028 direct labor hour per fonder at a standard cost of $13.50 per hour Read the requirements Requirement i Compute the price and quantity variancestor direct matenals. Compute the rate and omiciency vanancas Torrecabor (Enterme vanances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole doilar. Label the variances as favorable (F) or unfavorable (U) Abbreviations used DM = Direct materials, DL - Direct labor.) Begin with the variances for direct materials. First, determine the formula for the direct materials price variance, then compute the price variance for direct materials, (Assume that the quantity of materials purchased is equal to the quantity of materials used Actual quantity purchased Standard price Actual price DM price variance 1.240.000 1.55 1.50 ) = $ 62.000 Determine the formula for the direct materials quantity variance, then compute the quantity variance for direct materials Standard price Standard quantity allowed Actual quantity used DM quantity variance 1.55 1240000 1500 U Choose from any list or enter any number in the input fields and then click Check Answer Final Check Clear All 4 parts remaining