Data table perfomance feport includes the folowing selected data. (Cock the iacen to view the selected data') Road the tecuicntyents. Requitement 1. Prepare a Fexible budget based on the actual number of reclinecs sold. (Round budget amounts per unit to the nearest cant.) etficiency, foed overhead cost, and fixed overhead volume variances. Pound to the nearest dotac? Requirement 2 . Compute the cost variance and the efficiency variance for drect materials and for drect labor. For manulacturing overthead, compute the variable overhead cost, variable oremead efficency, fred overhead cost, and foued overhead volume variances. Round to the nearest dollar. Begin with the cost varianons. Select the required formulas, compute the cost variances for drect materials and drect labor, and idenoly whether each variance is favorable (F) or unfavorable (U). Next compute the efficienoy variances. Select the recuired formulas, compute the efficiency variances for drect materiats and direct laboc, and identify whether each variance is tavorable (F) or Now compute the variable overtead cost and effoiency varianoss. Select the required formulas, compute the variable overhead cont and officiency variances, and identify whather each variance is itandard quanty, Voti = varistele overhead.) Now compule the fixed orechead cost and volume variances. Select the required formulas, compule the fived overhead cost and volume yariances, and identisy whether eoch variance is favorable (F) of unfayorabie (U). (Round your answers to the nearest whole doliar. Abbrevationt used. AC= actual cost, AO=actual quantity, FOH = foced overthead; SC= standard cost SQ= standard quasify) Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the faved ovorthoad cost and volume viriances, and identify whether each variance is favorable quanthy) Requirement 3. Have Preston's managers done a good job or a poor job controlling materialc. labes, and overthead costs? Wiy? Requirement 4. Describe how Prestaris managers can beneff from the standard costing system
