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Data table Rouse Recliners manufactures leather reciners and uses flexkile budgetng and a standard cost system. Rouse alocates covechead based on yards of direct matenals. The company's pertormance report includes the following selected data. Click the icon to view the selected data.) Read the reavirements. Rouse Recinon marudactures levither rocliners and uses fienible budgeting and a standard cost systom. Rouse allocates ovortesd based on yards of drect materials. The company's performance report includes the following selected data Cla sen leon to view the seipcted data.) Read the reauinements Now compule the bxed evertead cost and volume verances. Select the regured tormulas, compule De fxed owerhead cost and volume variances, and identfy whether each variance in favorable (f) of - Requirement 3. Have Rouse's manugens done a good job or a poor job contoling maneris, laboe, and overhead costs? Why? The variances compuled in Requiremeen 2 sugosest that the managers have done a job controling materials and labor cosks. The direct laber cost varance and divect maberals eficiency variance Marugers have done a drect materials cost varunce and derect labor efficiency vanance help oftset the by the tact that of the overhead variances are job controling overthead costs as evidenced Reguirement 4. Describe how Rouse's managers can beneff from the standard costing systam. Standard costing heles mandpers do the following Rouse Recliness manulactures loather reciren and uses fiexible budgeting and a standard cost system. Rouse allocales overthead based on yards of direct materisls The compan/s performance coport incluces the following selected data: [Cick the kon to view the selected data) Read the trequirements. Requirement 2. Compule the cost variance and the efficiency vanance for direct materials and for direct labor. For manufacturing overhesd, compute the variabib overhead cost, varable overtiead efficiency, fixed overhoad cost, and fixed overthoad volume varances. Round to the nearest dollat: Bogin with tho cost variances. Select the required formulas, eempule the cost vanances for direct maserials and direct labor, and lidentfy whether each variance is favorable (F) or unfavorable (U). (Round Nent compule the efficency verances. Select the required formulas, compute the effecency vanances for drect materis and direct laber, and identify whether each variance is taverabie (F) or standard quartay, VOH = variable overhead) 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 Rouse's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Rouse's managers can benefit from the standard costing system. Rouse Recliners manufactures leather recliners and uses fexible budgeting and a standard cost system. Rouse alocates overhead based on yards of drect materials. The company/s performance report includes the following selectod data: Click the icon to view the selected data) Read the reauicmeots. Riequirement 3. Have Rouse's managers done a good job or a poor job controling materials, laber, and everhead costs? Why? The variances compuled in Roquirement 2 suggest that the managers have done a job controling materials and labor costs. The diect malerials cost variance and diect labor efficiency variance help offset the direct labor cost variance and diect materials officency variance. Managers have done a iob controling overhead costs as evidenced by the fact that of the overthoad variances are Requirement 4. Describe how Rouse's managers can beneft from the standard costing system