Dock Guard, which uses a standard cost accounting system, manufactured 210,000 boat fenders during the year, using 1,310,000 m of extruded vinyl purchased at $1.25 per metre. Production required 4,600 direct labour hours that cost $14.00 per hour. The materials standard was 6 m of vinyl per fender at a standard cost of $1.30 per metre. The labour standard was 0.026 direct labour hour per fender at a standard cost of $13.00 per hour. Compute the price and efficiency variances for direct materials and direct labour. Does the pattern of variances suggest Dock Guard's managers have been making trade-offs? Explain. Begin by determining the formula for the price variance, then compute the price variances for direct materials (DM) and direct labour (DL). (Enter the results as positive numbers. Label each variance as favourable (F) or unfavourable (U).) = Price variance ) X