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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 Juda's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Juda's managers can benefit from the standard costing system. Requirement 2. Compute the cost variance and the efficiency variance for direct materials manufacturing overhead, compute the variable overhead cost, variable overhead efficienc fixed overhead volume variances. Round to the nearest dollar. Begin with the cost variances. Select the required formulas, compute the cost variances fo direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Roun nearest whole dollar. Abbreviations used: AC= actual cost; AQ= actual quantity; FOH=f standard cost; SQ= standard quantity.) required formulas, compute is favorable (F) or unfavore al cost; AQ= actual quantity ontrolling materials, labor, ar ave done a Ice and direct labor efficienc) fficiency variance. Managers it of the overhead ve andard costing system. Juda Recliners manutactures wather recliners and uses fevble budpeting and a standard cost system. Juda allocates overhead based on yarts of direct malerials. The company's performance repert includes the lollowing solected data: Requirement 1. Prvpare a ferible budget based on the actual number of reciners sold. (Round budget amounts per unit io the nearest oent] Pequirement 2. Compule the cost varance and the efficiency variance fer direct maserials and for drect wbor. For mandasturing overhead, compule the variable ovehead cost, variable oveihead efficiency, fixed ovenead cost, and ficed everthead volume varances. Rround to the nearest dotar. Begin win the cost variances, Select the required formslas, compule the cost verlances for direct materials and direct labor, and idently whether each variance is favorable (f) or introrable (U). (hound yout answers to the standard cone so * mandard quarbity Nexd compute the etticiency varances. Select se roquired formilas, compule the elticiency variances for drect matenals and direct iabor, and berofly whether each vanance is toworable (F) of unfoverable (U) (Round your anseers ti the nearest wholi dollar. Abbreviatons uted AC = achual cant AO = actual quantly, FOA = foed creitest: 8C= standard coot 80 = thanitand ouantty? Now concute the variable evertead cost and efficiency varimces. S.lect the roquired formulas, compule the variable overtead cost and efliciency variances, and identif whether each variance is favorable iFl of undevorable (U). (Round your anowers to the nesrest whole dollor Abterviatons used: AC = actuat cont AQ = actual quantily FFOH = fixed eveiheat: 5C = standard cost, $0 = standard quantor: vor = varable overhead ) Now compute the fixed overhead cost and volume variances. Select the requined formulas, oompute the fieed overtead cost and volume variances, and isently whether each variance is tworable (F) or untavorabie (U) (Round foed eveifesd: SC = standerd cost so = standard ouandy.) Requirement 3. Have Juda'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 Juda's managers can benefit from the standard costing system. Standard costing helps managers do the following