Help

Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, to the nearest dollar. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Budgeted FOH -Allocated FOH compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round Ilar. Abbreviations used: AC = Formula Variance Direct materials cost variance Direct labor cost variance Next compute the efficiency variances Select the required formulas, compute the efficiency variances for di Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ Data table Sales (1 ,000 recliners x $515 each) (980 recliners x $480 each) Variable Manufacturing Costs: Formula Variance Direct materials efficiency variance Direct labor effciency variance Now compute the variable overhead cost and efficiency variances Select the required formulas, compute th dollar. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead, SC = standard co Direct Materials Direct Labor (6,000 yds. @ S8.50 / yd.) (6,143 yds. @ S&30 yd.) (10,000 DLHr @ $11 20 / DLHr) (9,600 OLHr @ $11 30 / DLHr) Formula (AC - SC) KAQ Variance VOH cost variance VOH efficiency variance Variable Overhead (6,000 yds. @ S500 / yd.) (6,143 yds. @ S6.40 1 yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit Static Budget (1,000 recliners) 516,000 51 ,ooo 112,000 30,000 60,000 253,000 262,000 s Actual Results (980 recliners) 470,400 50,987 108,480 39,315 62,000 260,782 209,618 arest whole dollar. ur answers to the nearest whole to the nearest whole dollar. Now compute the fixed overhead cost and volume variances Select the required formulas, compute the fix Abbreviations used AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ Formula Variance FOH cost variance FOH volume variance