Can someone please help me check if these are correct and show me how to do the last part please?

McKnight Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. McKnight 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.) Mcknight Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) 1005 Sales Revenue 515 517575 Variable Manufacturing Costs: Direct Materials Direct Labor 51 51255 94 94470 Variable Overhead 30.6 30753 Fixed Manufacturing Costs: 62730 Fixed Overhead 239208 Total Cost of Goods Sold Gross Profit 278367 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.) Formula Direct materials cost variance (AC-SC) AQ (AC-SC) AQ Variance 1260 F 1014|| U 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 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.) Formula (AQ - SQ) > SC Direct materials efficiency variance Direct labor efficiency variance Variance 1970|| U 4242 F (AQ - SQ) SC 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.) Variance VOH cost variance = Formula (AC-SC) SQ (AQ - SQ) SC 8820 U 608 U VOH efficiency 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 = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance Actual FOH - Budgeted FOH 2000|| U FOH volume variance Budgeted FOH - Allocated FOH 314|| U Requirement 3. Have McKnight'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 good job controlling materials and labor costs. The favorable 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 V job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how Mcknight's managers can benefit from the standard costing system. Standard costing helps managers do the following: Requirement 3. Have McKnight's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? agers have done a good job controlling materials and labor costs. The favorable direct materials cost variance and direct labor efficiency variance help offset the ciency variance. Managers have done a V job controlling overhead costs as evidenced by the fact that of the overhead variances are t from the standard costing system. Create new products Decrease accounting costs Develop more efficient production methods : Identify performance standards Increase production levels Increase sales volume Prepare the master budget Set sales prices of products and services Set target levels of performance for flexible budgets i X Data Table Static Budget Actual Results (1,025 recliners) (1,005 recliners) $ 527,875 $ 492,450 52,275 52,290 96,350 Sales (1,025 recliners x $515 each) (1,005 recliners x $490 each) Variable Manufacturing Costs: Direct Materials (6,150 yds. @ $8.50 / yd.) (6,300 yds. @ $8.30 / yd.) Direct Labor (10,250 DLHr @ $9.40 / DLHr) (9,850 DLHr @ $9.60 / 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 Gross Profit 94,560 31,365 40,950 62,730 64,730 252,530 242,720 285,155 $ 239,920 Print Done McKnight Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. McKnight 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.) Mcknight Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) 1005 Sales Revenue 515 517575 Variable Manufacturing Costs: Direct Materials Direct Labor 51 51255 94 94470 Variable Overhead 30.6 30753 Fixed Manufacturing Costs: 62730 Fixed Overhead 239208 Total Cost of Goods Sold Gross Profit 278367 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.) Formula Direct materials cost variance (AC-SC) AQ (AC-SC) AQ Variance 1260 F 1014|| U 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 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.) Formula (AQ - SQ) > SC Direct materials efficiency variance Direct labor efficiency variance Variance 1970|| U 4242 F (AQ - SQ) SC 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.) Variance VOH cost variance = Formula (AC-SC) SQ (AQ - SQ) SC 8820 U 608 U VOH efficiency 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 = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance Actual FOH - Budgeted FOH 2000|| U FOH volume variance Budgeted FOH - Allocated FOH 314|| U Requirement 3. Have McKnight'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 good job controlling materials and labor costs. The favorable 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 V job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how Mcknight's managers can benefit from the standard costing system. Standard costing helps managers do the following: Requirement 3. Have McKnight's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? agers have done a good job controlling materials and labor costs. The favorable direct materials cost variance and direct labor efficiency variance help offset the ciency variance. Managers have done a V job controlling overhead costs as evidenced by the fact that of the overhead variances are t from the standard costing system. Create new products Decrease accounting costs Develop more efficient production methods : Identify performance standards Increase production levels Increase sales volume Prepare the master budget Set sales prices of products and services Set target levels of performance for flexible budgets i X Data Table Static Budget Actual Results (1,025 recliners) (1,005 recliners) $ 527,875 $ 492,450 52,275 52,290 96,350 Sales (1,025 recliners x $515 each) (1,005 recliners x $490 each) Variable Manufacturing Costs: Direct Materials (6,150 yds. @ $8.50 / yd.) (6,300 yds. @ $8.30 / yd.) Direct Labor (10,250 DLHr @ $9.40 / DLHr) (9,850 DLHr @ $9.60 / 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 Gross Profit 94,560 31,365 40,950 62,730 64,730 252,530 242,720 285,155 $ 239,920 Print Done