Flexible Budgets and Standa P23-28A Computing standard cost variances and reporting to management Learning HearSmart manufactures headphone cases. During September 2014, the company produced and sold 107,000 cases and recorded the following cost data: 1. DM Et. V Standard Cost Information Quantity Price Direct Materials Direct Labor Variable Manufacturing Overhead 2 parts 0.02 hours 0.02 hours $0.16 per part 8.00 per hour 9.00 per hour Fixed Manufacturing Overhead ($32,980 for static budget volume of 97,000 units and 1,940 hours, or $17 per hour) Actual Cost Information Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead (210,000 parts@$0.21 per part) $ 44,100 (1,640 hours@$8.15 per hour) 13,366 8,000 30,000 Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. chapter 22 E22-29 Preparing the financial budget Learning objective4 Company has budgeted sales revenues as follows: Karen Budgeted Sales Revenues $55,000 75,000 90,000 60,000 45,000 35,000 une total cash receipts $37,000 January February March April May June Past experience has indicated that 80% of sales each month are on credit and that collection ofcredit sales occurs as follows: 60% in the month of sale, 30% in the month following the sale, and 5% in the second month following the sale. There- maining 5% is uncollectible. Requirement Prepare a schedule which shows expected cash receipts from sales for the months of April, May, and June