Cole Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Cole allocates overhead based on yards of direct materials. The company's performance report includes the following selected data:

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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.$)$

$\backslash$table$[[\backslash$table$[[$Cole$],[$Flexi$]],],[,\backslash$table$[[$Budget$],[$Amounts$],[$per Unit$]]],[$Actual Units $($Recliners$),],[$Sales Revenue,$],[$Variable Manufacturing Cos,$],[$Direct Materials,$],[$Direct Labor,$],[$Variable Overhead,$],[$Fixed Manufacturing Costs:,$],[$Fixed Overhead,$],[$Total Cost of Goods Sold,$]]$

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, yariable 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$).$

$\backslash$table$[[,$Formula,Variance$],[$Direct materials cost variance,For,$],[$Direct labor cost variance,$=,=$