hi i just need help with requirement 2. thanks!

i will upvote

Stenback Recliners manufactures leather reciners and uses fiexible budgeting and a standard cost system. Stentack allocatos overtead based on yards of direct materials. The company's performance report includes the following selected data' Requirement 1. Prepare a floxble budget based on the actual number of reciners sold (Round budget amounts per unit to the nearest cent.) Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct fabor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume viriances Round to the nearest dollar Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Rlound your answers to the nearest whole dollar Abbreviations used AC = actual coiti; AC = actual quantiy. FOH= fixed overhead; SC= standard cost, SQ = stardard quantity) Next compute the efficiency variances, Select the required formulas, compute the efficiency variances for direct malerials and direct labor, and identify. Whether each variance is favorable (F) or untavorable (U). (Round your answers to the nearest whole dollar. Abbreviaticis used: AC a actual cost, AQ = actual quantity; FOH= foxed overhead; SC= standard cost; SQ= standard quanthy. Now compute the variable overhead cost and efficiency variances, Select the required formulas, compute the varable overhedd cost and efficiency variances, and identify whether each variance is fovorable (F) or unfavorable (U). (Round your antiwers to the nearest whole dollar. Abbreviations used: AC = actual cost, AQ= actual quantity; FOH= fored ovethead; 50 = standard cost, 5O= standard quantity, VO+1 = variable overhead. Now compute 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 answors to the nearest whole dollar: Abbreviations used. AC = actual cost; AQ= actual quantity, FOH= 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 ovorhead cost and volume variances, and identify whether each variance is tavorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC = actual cost. AO= actual quantity, FOH= fixed overhead; SC = standard cost SQ = standard quantity.) Requirement 3. Have Stenback's managers done a good job or a poor job controling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 . suggest that the managers have done a direct materials cost variance and derect fabor efficiency variance help offset the direct labor cost variance and ditect materials efficiency variance. Managets have done a job controlling overhead costs as evidenced by the fact that of the overhead variances Data table 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 Stenback's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Stenback's managers can benefit from the standard costing system