(1,025 recliners) (1,005 recliners) $ 512,500 S 477,375 standard quantity.) Formula Variance Direct materials cost variance Direct labor cost variance Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance SQ = standard quantity.) 54,120 54,180 t, AQ = actual quantity, FOH = fixed overhead; SC = standard cost 93,275 Formula Variance Sales (1,025 recliners x $ 500 each) (1,005 recliners x S 475 each) Variable Manufacturing Costs: Direct Materials (6,150 yds @ $ 8.80 / yd.) (6,300 yds @ $ 8.60 / yd.) Direct Labor (10,250 DLHr@ $ 9.10 / DLH) (9,850 DLHr@ $ 9.20 / DLHr) Variable Overhead (6,150 yds @ $ 5.10 / yd.) (6,300 yds @ $ 6.50 / yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 90,620 31.365 Direct materials efficiency variance Direct labor efficiency variance = 40,950 ed: AC = actual cost, AQ = actual quantity, FOH = fixed overhead; Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify wh SC = standard cost, SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance 62,730 241,490 64,730 250,480 226,895 Gross Profit 271,010 S 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 standard cost; SQ = standard quantity.) Print Done actual cost; AQ = actual quantity, FOH = fixed overhead; SC = Formula Variance FOH cost variance FOH volume variance Requirement 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 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 The variances computed in Requirement 2 suggest that the managers have done a 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: Choose from any,list og enter any number in the input fields and then continue to the next question Enter any number in the edit fields and then continue to the next question. (1,025 recliners) (1,005 recliners) $ 512,500 S 477,375 standard quantity.) Formula Variance Direct materials cost variance Direct labor cost variance Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance SQ = standard quantity.) 54,120 54,180 t, AQ = actual quantity, FOH = fixed overhead; SC = standard cost 93,275 Formula Variance Sales (1,025 recliners x $ 500 each) (1,005 recliners x S 475 each) Variable Manufacturing Costs: Direct Materials (6,150 yds @ $ 8.80 / yd.) (6,300 yds @ $ 8.60 / yd.) Direct Labor (10,250 DLHr@ $ 9.10 / DLH) (9,850 DLHr@ $ 9.20 / DLHr) Variable Overhead (6,150 yds @ $ 5.10 / yd.) (6,300 yds @ $ 6.50 / yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 90,620 31.365 Direct materials efficiency variance Direct labor efficiency variance = 40,950 ed: AC = actual cost, AQ = actual quantity, FOH = fixed overhead; Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify wh SC = standard cost, SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance 62,730 241,490 64,730 250,480 226,895 Gross Profit 271,010 S 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 standard cost; SQ = standard quantity.) Print Done actual cost; AQ = actual quantity, FOH = fixed overhead; SC = Formula Variance FOH cost variance FOH volume variance Requirement 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 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 The variances computed in Requirement 2 suggest that the managers have done a 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: Choose from any,list og enter any number in the input fields and then continue to the next question Enter any number in the edit fields and then continue to the next