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McKnight Reciners manufactures leather recliners and uses flexble budgeting and a standard cost system. McKnight allocales overhead based on yards of direct m The company's performance report includes the following selected data. (Click the icon to view the selected data.) Read the requirements Data table Data table Data table Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead vattauie Uvetteray Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit \begin{tabular}{lrl} & Formula & Variance \\ \hline Direct materials cost variance & = \\ Direct labor cost variance & = \end{tabular} Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and dire fixed overhead; SC= standard cost; SQ= standard quantity; VOH= variable overhead.) Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cos variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC = act Requirement 3 . Have Mcknight's managers done a good job or a poor job controlling materials, labor, and overhead costs? Tha variancoe comnitod in Ronitiramant? Einfoet that the mananare hava dine a inh matmillinn matoriale an The varances compuled in Requirement 2 suggest that the managers have done a job controling malerials and labor costs. The direct malerials. cost variance and diroct labor efficiency variance help offset the direct labor cost variance and direct materials eticiency variance. Managers have done a job controlling ovorhead costs as evidenced by the fact that of the overhead variances are Requirenent 4. Describe how McKrights managers can beneft from the standard costing system. Stanoard costing heips managers do the tollowing