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Smart Hearing marnufactures headphone cases. During September 2018, the company produced and sold 105.000 cases and recorded the following cost data Click the loon to view the cost data) Read the reauirements Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or untavorable (U). (Abbreviations used AC - actual cost AQ actual quantity, FOH fed overhead sc standard cost sQ standard quantity) Formla Variance Direct materials cost variance Direct labor cost variance Next compute the efficiency variances. Select the required formulas, compute the officiency variances for direct materials and direct labor, and identity whether each variance is favorable (F) or unfavorable (U) (Abbreviations used AC cost AQ actual quantity FOH Eed overhead SC standand cost SQ standard quantity) actual Fomul Vwiance Direct materials effciency vaiance Direct labor efficiency variance Requirement 2. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the faed overhead cost and volume variances Now compute the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhead cost and efficlency variances, and ldentity whether each variance is favorable (F) or unfavorable (U) (Abbreviations used AC actual cost, AQ actual quantity, FOH fieed overhead, SC standard cost, SQ standard quantity, VOH variable overhead)I Formula Variance VOH cost variance Choose from any list or enter any number in the input fields and then continue to the next question 2 5 Smart Hearing manutactures headphone cases During September 2018,, the company produced and sold 105,000 cases and recorded the following cost data IClck the ioon to view the cost data) Read he reauirements Direct materials eficiency vaiance Direct labor effclency veriance Requirement 2. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances Now compute the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhead cost and efficilency variances, and idenity whether each variance is favorale (F) or untavorable (U) (Abbreviations ed AC actual cost, AQ actual quantiy, FOH fxed overhead, SC standard cost, SQ standard quantity: VOH variable overhead) Formula Variance VOH cost varance VOH efficiency variance Now compute the fixed overhead cost and volume variances Select the required formulas, compute the fed overhead cost and volume variances, and identity whether each variance is favorable (F) or untavorable (U) (Abbreviations used AC actual cost, AQ actual quantity, FOH fed overhead SC standard cost SQ standard quantity) Fomula Variance FOH cost variance FOH volume variance Requirement 3. Smart Hearing's management used beter quality materials during September Discuss the trade-off between the two direct material variances They hoped these materals would resut in more efficient usage than 'standart materiais The resut Smart Hearing's management knew that using higher quality materials would resut in an) an overall Choose from any list or enter any number in the input felds and then continue to the next questionI 3 5 2 4 7 G K 18, the company produced and sold 105,000 cases and recorded the following cost data: i Data Table t ma Standard Cost Information F) or un e the anda Quantity Cost Direct Materials 2 parts $ 0.16 per part Direct Labor 0.02 hours 7.00 per hour Variable Manufacturing Overhead 0.02 hours 10.00 per hour s, cor cost; S is favorat Fixed Manufacturing Overhead ($30,400 for static budget volume of 95,000 units and 1,900 hours, or $16 per hour) Actual Cost Information Direct Materials (206,000 parts @ 0.21 per part) $ 43,260 $ ble ovel Direct Labor (1,600 hours @ 7.15 per hour) $ 11,440 es. Sele ead; SC Variable Manufacturing Overhead ether each VE 8,000 Fixed Manufacturing Overhead 30,000 Print Done s and then continue to the next