Data table Requirements 1. Prepare a flexible budget based on the actual number of recliners sold. 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing cvernead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. 3. Have McKnight's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how McKnight's managers can beneft from the standard costing system