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Exercise 1512 (Static) Performance reporting and flexible budgeting LO 4, 5 For the stamping department of a manufacturing firm, the standard cost for direct labor is $15 per hour, and the production standard calls for 1,000 stampings per hour. During February, 198 hours were required for actual production of 186,000 stampings. Actual direct labor cost for the stamping department for June was $3,168. Required: a. Complete the following performance report for February: b. Calculate the direct labor efficiency and rate variances for February. c. Reporting the efficiency and rate variances to the appropriate managers could improve control over the stamping department's direct labor. Complete this question by entering your answers in the tabs below. Complete the following performance report for February: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Exercise 15-12 (Static) Performance reporting and flexible budgeting LO 4, 5 For the stamping department of a manufacturing firm, the standard cost for direct labor is $15 per hour, and the production standard calls for 1,000 stampings per hour. During February, 198 hours were required for actual production of 186,000 stampings. Actual direct labor cost for the stamping department for June was $3,168. Required: a. Complete the following performance report for February: b. Calculate the direct labor efficiency and rate variances for February. c. Reporting the efficiency and rate variances to the appropriate managers could improve control over the stamping department's direct labor. Complete this question by entering your answers in the tabs below. Calculate the direct labor efficiency and rate variances for February. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Exercise 15-12 (Static) Performance reporting and flexible budgeting LO 4, 5 For the stamping department of a manufacturing firm, the standard cost for direct labor is $15 per hour, and the production standard calls for 1,000 stampings per hour. During February, 198 hours were required for actual production of 186,000 stampings. Actual direct labor cost for the stamping department for June was $3,168. Required: a. Complete the following performance report for February: b. Calculate the direct labor efficiency and rate variances for February. c. Reporting the efficiency and rate variances to the appropriate managers could improve control over the stamping department's direct labor. Complete this question by entering your answers in the tabs below. Reporting the efficiency and rate variances to the appropriate managers could improve control over the stamping department's direct labor