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report includes the following selected data: (Click the icon to view the selected data.) Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. Inces, and identify whether each variance is ; FOH = fixed overhead; SC = standard cost; SQ= e direct materials cost variance and direct a job controlling overhead costs as Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selected data.) Read the requirements. vun emilency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC= actual cost;AQ= actual quantity; FOH= fixed overhead; SC=standardcost;SQ= standard quantity.) Requirement 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggest that the managers have done a labor efficiency variance help offset the direct labor cost variance and direct materials efficiency variance. Managers have done a evidenced by the fact that of the overhead variances are job controlling materials and labor costs. The Requirement 4. Describe how Smith's managers can benefit from the standard costing system. direct materials cost variance and direct job controlling overhead costs as report includes the following selected data: (Click the icon to view the selected data.) Read the requirements. overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. standard quantity; VOH= variable overhead.) report includes the following selected data: (Click the icon to view the selected data.) Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. Inces, and identify whether each variance is ; FOH = fixed overhead; SC = standard cost; SQ= e direct materials cost variance and direct a job controlling overhead costs as Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selected data.) Read the requirements. vun emilency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC= actual cost;AQ= actual quantity; FOH= fixed overhead; SC=standardcost;SQ= standard quantity.) Requirement 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggest that the managers have done a labor efficiency variance help offset the direct labor cost variance and direct materials efficiency variance. Managers have done a evidenced by the fact that of the overhead variances are job controlling materials and labor costs. The Requirement 4. Describe how Smith's managers can benefit from the standard costing system. direct materials cost variance and direct job controlling overhead costs as report includes the following selected data: (Click the icon to view the selected data.) Read the requirements. overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. standard quantity; VOH= variable overhead.)