Try to complete this question WITHOUT looking at your notes/looking up formulas. irect labor. (Enter the (U). Abbreviations he price variance for Dock Guard, which used a standard cost accounting system, manulactured 240,000 boat lenders during the year, using 2,020,000 feet of extruded vinyl purchased at $1.10 per foot. Production reguired 4,100 direct labor hours that cost $14.00 per hour. The materials standard was 8 feet of vinyt per fonder at a standard cost of $1.20 per foot. The labor standard was 0.028 direct labor hour per fender at a standard cost of $13.50 per hour. Read the requirements. Requirement 1. Compute the price and quantify variances for direct materials. Compute the rete and efficiency variances for direct labor. (Enter the variances as poaitive numbers. Enter currency amounts to the nearest cent and your answers to the nearest wholo dolat. Label the variances as favorable (F) or unfavorable (U). Abbrevations ited: OM = Derect materials, OL = Oirect laber) Bogin with the variances for direct materiais. First, determine the formula for the direct materials perce vanance, then compute the price variance for direct materiais, (Astume that the quartify of materias purchased is equal to the quantify of materials used.) ch used a standard cost accounting system, manufactured 240,000 boat fenders during the year, using 2,020,000 fee rect labor hours that cost $14.00 per hour. The materials standard was 8 feet of vinyl per fender at a standard cost of andard cost of $13.50 per hour. Requirements 1. Compute the price and quantity variances for direct materials. Compute the rate and efficiency variances for direct labor. 2. Does the pattern of variances suggest that the company's managers have been making trade-offs? Explain