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Assignment 11.2 1. Root Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Requirements R1. Prepare a flexible budget based on the actual number of recliners sold. R2. Compute the price variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the total variance, the flexible budget variance, and the production volume variance. R3. Have Root's managers done a good job or a poor job controlling materials and labor costs? Why? R4. Describe how Root's managers can benefit from the standard costing system. 1 Page 1 of 2 12/2/2016 2. SmartSound manufactures headphone cases. During September 2011, the company produced and sold 105,000 cases and recorded the following cost data: Requirements R1. Compute the price and efficiency variances for direct materials and direct labor. R2. For manufacturing overhead, compute the total variance, the flexible budget variance, and the production volume variance. R3. Prepare a standard cost income statement through gross profit to report all variances to management. The sale price of the headset cases was $1.50 each. R4. SmartSound's management used more-experienced workers during September. Discuss the trade-off between the two direct labor variances. 2 Page 2 of 2 12/2/2016