Data table Morton Reclners manulactures leather recliners and uses flexble budgeting and a standard cost 5y tem. Morton allocates overhead based on yards of direct materials. The company'6 performance report includes the following selected data [Click the icon to view the selected data) Read the tequirements: 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 Morton's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Morton's managers can benefit from the standard costing system