please help! make sure to answer each part and to make sure its nit cut off in the picture. thank you so much! 1/2

Stenback Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Stenback allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Click the icon to view the selected data) Read the requirements Data table Static Budget (975 Actual Results recliners) (955 recliners) $ 492,375 453,625 (Red hue 50,895 Sales (975 recliners x $505 each) (955 recliners x $475 each) Variable Manufacturing Costs: Direct Materials (5,850 yds @ $8.70/ yd) (5,987 yds @ $8,50 / yd.) Direct Labor (9,750 DLH @ $10.50 / DL.Hr) (9,350 DLHr @ $10.70 / DL.Hr) Variable Overhead (5,850 yds @ $5.30/yd.) (5,987 yds @ $6.70 / yd) nutad 50,890 Materid 102,375 100,045 31,005 40,113 Data table TUV YITUISETY . 50,895 50,890 102,375 100,045 Red Direct Materials (5,850 yds @ $8.70 / yd.) (5,987 yds @ $8.50 / yd.) Direct Labor (9,750 DLHr@ $10.50 / DLHR) (9,350 DLHr @ $10.70 / DLHR) Variable Overhead (5,850 yds @ $5.30 / yd.) (5,987 yds. @ 86.70/yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 31,005 le 40,113 ufad terid 60,255 62,255 244,530 253,303 Gross Profit $ 247,845 $ 200,322 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. lub der recliners and uses flexible budgeting and a standard cost system. Stenback allocates overhead based on Requirement 1. Prepare a flexible budget based on the actual number of recliners sold (Round budget amounts per unit to the nearest cent.) Stenback Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs Fixed Overhead Variable Overhead Fixed Manufacturing Costs Fixed Overhead Total Cost of Goods Sold Gross Profit Requirement 2. Computs 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, foxed overhead cost and fixed overhead volume variances. 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 untavorable (U) (Round your answers to the nearest whole dolor. Abbreviations used. Ac - actual cost, AQ actual quantity, FOH - fixed overhead, SC standard cost, so standard quantity) Formula Varianco Direct materials cost variance Direct labor cont variance Next compute the efficiency variances Select the required formulas, compute the efficiency variances for direct materials and direct labor and identify whether and uses flexible budgeting and a standard cost system. Slenback allocates overhead based on yards of direc Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC - actual cost, AQ - actual quantity, FOH - foxed overhead, SC - standard cost: SQ standard quantity) Formula Variance Direct materials officiency variance Direct labor efficiency variance 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 answers to the nearest whole dollar Abbreviations used: AC actual cost AO actual Quantity, FOH - fixed overhead, SC standard cost, so standard quantity, VOH variable overhead) Formula Variance VOH cost variance VOH efficiency variance Now compute the foxed Overhead cost and volume variances Select the required formuus, compute the fixed overhead cost and volume variances and identity whether each variance is favorable (F) or unfavorable (U) (Round your anwers to the nearest Wholo dolor. Abbreviations used AC actual cost AO - actual quality, FOH - for overheadsce standard cout; SQ standard quantity) Formula Stenback Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Stenback allocates overhead based on yara whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dallar. Abbreviations used AC = actual cost, AQ = quantity: FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Variance FOH cost variance FOH volume variance Requirement 3. Have Stenback's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggest that the managers have done a job controlling materials and labor costs. The direct materials cost variance and direct labor efficiency variance help offset the direct labor cost vanance and direct materials officiency variance Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how Stenback's managers can benefit from the standard costing system Standard costing helps managers do the following