list 1 Hear Smart manufactures headphone cases During September 2024, the company produced and sold 105,000 cases and recorded the following cost dat (Click the icon to view the cost data) Read the met Requirement 1, Compute the cost and efficiency variances for direct materials and direct labor 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) (Abbreviations used AC actual cist, AQ actual quantity, FOH ed overhead: SC standard cost 50 standard quantity) Direct materials cost variance Direct labor cost variance Formula (AC-SC) AQ (AC-BC) AQ Variance $ 10,450 U 180 U Next compute the eficiency valances Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether aach variance is favorable (F) or unfavorable (U) (Abbreviatused AC actual cost AQ actual quantly FOH fed overhead GC standand cost S0) Direct materials efficiency variance Direct labor afficiency variance Formula Variance Requirement 2. For manufacturing overhead compute the verhead cost and efficiency variances and the fixed overhead cost and even favorable or unfavorate (Abbreviations use AC ac cost AQ al quantity FOH and overhead SC standard cost) Formula VOH cost variance VON efficiency vartace nly VOH