X 1 i Data Table Static Budget Actual Results (1,000 recliners) (980 recliners) $ 495,000 '$ 465,500 $ 51,000 Sales (1,000 recliners x $495 each) (980 recliners x $475 each) Variable Manufacturing Costs: Direct Materials (6,000 yds. @ $8.50 / yd.) (6,143 yds. @ $8.30 / yd.) Direct Labor (10,000 DLHr @ $9.20 / DLHR) (9,600 DLHr @ $9.40 / DLHr) Variable Overhead (6,000 yds. @ $5.20 / yd.) (6,143 yds @ $6.60 / yd.) 50.987 92,000 90,240 31,200 40,544 Fixed Manufacturing Costs: Fixed Overhead 60,600 62,600 244,371 Total Cost of Goods Sold 234,800 260,200 $ 221,129 Gross Profit X i Requirements prials 2. 1. Prepare a flexible budget based on the actual number of recliners sold. 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 Cole's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Cole's managers can benefit from the standard costing system. Print Done Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Cole allocates overned based Uillya following selected data: (Click the icon to view the selected data) Read the requirements Requirement 1. Prepare a tiexible budget based on the actual number of reciners sold. (Round Duager amounts per unit to the nearest cenu Cole Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs