Please complete all parts of the problem with explanations if possible. Thank you.

P23-27A (similar to) Question Help O Smartsets manufactures headphone cases. During September 2018, the company produced and sold 107,000 cases and recorded the following cost data: (Click the icon to view the cost data.) Read the requirements. Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. actual cost; AQ- 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 quantity: FOH = fixed overhead: SC = standard cost; SQ = standard quantity.) Formula Variance = L Direct materials cost variance Direct labor cost variance Choose from any list or enter any number in the input fields and then click Check Answer. 4 parts 4 remaining Clear All Check Answer Data Table - X Standard Cost Information Quantity Cost Direct Materials Direct Labor 2 parts $ 0.02 hours 0.02 hours 0.16 per part 8.00 per hour 9.00 per hour Variable Manufacturing Overhead Fixed Manufacturing Overhead ($31,040 for static budget volume of 97,000 units and 1,940 hours, or $16 per hour) Actual Cost Information Direct Materials $ 44,310 (211,000 parts @ (1,640 hours @ $ $ 0.21 per part) 8.15 per hour) Direct Labor 13,366 Variable Manufacturing Overhead Fixed Manufacturing Overhead 14,000 28,000 Print [ Done Print Done Requirements 1. Compute the cost and efficiency variances for direct materials and direct labor. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Smartsets's management used better quality materials during September. Discuss the trade-off between the two direct material variances. 3. Print Done