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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. Requirement 1. Prepare a flexible budget based on the actual number of recliners sold (Round budget amounts per unit to the nearest cent.) Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, 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= standard cost, SQ= standard quantity) Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, 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= standard cost; SQ= standard quantity.) Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency 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= standard cost, SQ = standard quantity; VOH= variable overhead.) Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and vnlume variances and identifv whether each variance is favorable (Fi or unffunnrahle (I) (Rnund 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= aclual cost; AQ= actual quantity; FOH= fixed overhead; SC = standard cost, 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 job controlling materials and labor costs. The direct materials cost variance and direct labor efficiency variance help offset the direct labor cost variance and direct materials efficiency variance Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how Smith's managers can benefit from the standard costing system. Standard costing helps managers do the following: ing and a standard cost se report includes the fo ave done a ice and direct labor efficie fficiency variance. Manag of the overheac 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 overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Smith's managers can benefit from the standard costing system. 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. Requirement 1. Prepare a flexible budget based on the actual number of recliners sold (Round budget amounts per unit to the nearest cent.) Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, 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= standard cost, SQ= standard quantity) Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, 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= standard cost; SQ= standard quantity.) Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency 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= standard cost, SQ = standard quantity; VOH= variable overhead.) Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and vnlume variances and identifv whether each variance is favorable (Fi or unffunnrahle (I) (Rnund 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= aclual cost; AQ= actual quantity; FOH= fixed overhead; SC = standard cost, 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 job controlling materials and labor costs. The direct materials cost variance and direct labor efficiency variance help offset the direct labor cost variance and direct materials efficiency variance Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how Smith's managers can benefit from the standard costing system. Standard costing helps managers do the following: ing and a standard cost se report includes the fo ave done a ice and direct labor efficie fficiency variance. Manag of the overheac 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 overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Smith's managers can benefit from the standard costing system