Data Table Smith Reclinere manufacturee leather recliners and uses flexible budgeting and a standard cost system. Smith allocates overhead based on a lesed on (Click the icon to view the selected data.) Read the equirements Requirement 1. Prepare a flexible budoat based on the actual number of recliners sold Round budget amounts per unit to the nearest cont.) Static Budget Actual Results (975 recliners) (955 recliners) 492,375 $ 472,728 $ Smith Recliners Flexible Budget 52.065 Budget Amounts per Unit 52,087 91,650 Achial Units Recliners 1975 recliners x $ 505 each 1955 recliners x $ 495 each Variable Manufacturing Costs: Direct Materials (5,850 yds. $ 8.90 / yd.) (5.987 yds $8.70 / yd) Direct Labor (9.750 DLHr@ $ 9.40 / DLH) (9,350 DLHr @ $ 9.50 / DLH) Variable Overhead (5.850 yds. 5 5.30 / yd.) (5.987 yds @ $6.70 / yd) Fixed Manufacturing Casts: Fbed Overhead Tatal Cost of Goods Sold 88,825 31.005 40.113 10,256 Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 234.975 243,280 229 445 Gross Prot Print Done Grass Profit Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing averhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead valume variances. Round to the nearest dollar Begin with the cost variances. Select the required formulas, compute the cost varlances for direct materials and direct labor and Identity whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole collar Abbrevlations used: AC = actual cost: AQ = actualu standard quantity.) Warange Direct materials coat variance = Direct labor cost variance = Next compute the emiciency 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: Cost: SO standard quantity Formula Direct materials efficiency variance -L Direct labor enciency variance = L Now compule 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 overhead: SC = standard cost: 50 = standard quantity: VDH = variable overhead. Formula Varence VOH cost variance 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 = act = standard cost SQ = standard quantity
