I have attach the assignment, I really need this back as soon as possible it is already due.

Sales (975 recliners x $500 ) Static Budget ActualResults (975 recliners) (95 recliners) $487,500 (955 recliners x $480 ) $458,400 Variable manufacturing costs: Direct materials (5,850 yds @$8.90) 52,065 (6,000 yds @$8.70) Direct labor (9,750 hrs.@$9.40) 52,200 91,650 (9,350 hrs.@$9.55) Variable overhead (5,850 yds @$5.30) 89,293 31,005 (6,000 yds@$6.70) 40,200 Fixed manufacturing costs: Fixed overhead 60,255 62,255 Total cost of goods sold 234,975 243,948 Gross profit $252,525 $214,452 Requirements 1.Prepare a flexible budget based on the actual number of recliners sold. 2.Compute the price variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the total variance, the flexible budget variance, and the production volume variance. 3.Have Smith's managers done a good job or a poor job controlling materials and labor costs? Why? 4.Describe how Smith's managers can benefit from the standard costing system. Requirement 1. Prepare the flexible budget for actual outputs. Smith Recliners Flexible Budget for Actual Outputs Sales revenue 477,500 Variable manufacturing costs: Direct materials 5,340 Direct labor 87,890 Variable overhead 31,800 Fixed costs Fixed overhead 60,255 Total cost of goods sold 185,285 Gross profit 292,215 Requirement 2. Let's first compute the price variances for direct materials and direct labor and select if the amount is favorable or unfavorable. (Round your answers to the nearest whole dollar.) Direct materials 1,200F Direct labor Next compute the efficiency variances for direct materials and direct labor and select if the amount is favorable or unfavorable. (Round your answers to the nearest whole dollar.) Direct materials Direct labor Now compute the total variance, the flexible budget variance, and the production volume variance for manufacturing overhead. (Round your answers to the nearest whole dollar.) Smith Recliners Manufacturing Overhead Variances Total overhead variance: Actual overhead cost Standard overhead allocated to production Total overhead variance Overhead flexible budget variance: Actual overhead cost Flexible budget overhead for actual outputs Overhead flexible budget variance Production volume variance: Flexible budget overhead for actual outputs Standard overhead allocated to production Production volume variance Requirement 3. The variances computed in Requirement 2 suggest that the managers have done a good poor reasonable job controlling materials and labor costs. The favorable unfavorable direct materials price variance and direct labor efficiency variance help offset the favorable unfavorable direct labor price variance and direct materials efficiency variance. Requirement 4. Select five benefits managers may have from the standard costing system. Standards: Choose from any list or enter any number in the input fields and then continue to the next question.