Please help on requirement 2, 3,and 4

This Question: 7 pts 2 of 2 Data Table ata: White Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. White allocates overhead based on yards of direct mal D (Click the icon to view the selected data.) Read the requirements. Actual Results (955 recliners) $ 467,950 Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) White Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) 955 Sales Revenue 4901 482275 Variable Manufacturing Costs: Direct Materials 5987 51488 Direct Labor 9350 85085 Variable Overhead 5987 31731 Fixed Manufacturing Costs: Fixed Overhead 60255 Total Cost of Goods Sold 228559 Gross Profit 253716 Static Budget (975 recliners) (975 Sales recliners x $ 505 each) $ 492,375 (955 recliners x $ 490 each) Variable Manufacturing Costs: Direct (5,850 yds. Materials @ $ 8.60 / yd.) 50,310 (5,987 yds. @ $ 8.40 / yd.) Direct (9,750 Labor DLHr @ $ 9.10 DLHr) 88,725 (9,350 DLHr @ $ 9.30 DLHr) Variable (5,850 yds. Overhead @ $5.30 / yd.) 31,005 (5,987 yds. @ $ 6.70 / yd.) 50,291 86,955 40.113 Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the varia Print Done ked overhead volume varianc or unlavoravic (V). Trunu your answers tU TIC TICATEST whole dollar. Abbreviations use Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance i lavoravic standard quantity.) Requirement 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. 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). (Round your answers to the nearest whole dollar. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance 19|| U Direct labor cost variance 1770|| U (AC-SC) AQ Next compute the efficiency variances. Select the or 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 cos (AC-SC) SQ andard cost; SQ = standard quantity.) (AQ - SQ)X AC Variance (AQ - SQ) x SC Direct materials efficiency variance Actual FOH - Allocated FOH Direct labor efficiency variance Actual FOH - Budgeted FOH Budgeted FOH - Allocated FOH Now compute the variable overhead cost and effi te 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; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume 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; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance FOH volume variance Requirement 3. Have White'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 variance and direct materials efficiency variance. Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how White's managers can benefit from the standard costing system. Standard costing helps managers do the following: aterials, lab Create new products Decrease accounting costs Develop more efficient production methods Identify performance standards Increase production levels Increase sales volume Prepare the master budget Set sales prices of products and services Set target levels of performance for flexible budgets ct that ng system. Choose from any list or enter any number in the input fields and then continue to the next au This Question: 7 pts 2 of 2 Data Table ata: White Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. White allocates overhead based on yards of direct mal D (Click the icon to view the selected data.) Read the requirements. Actual Results (955 recliners) $ 467,950 Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) White Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) 955 Sales Revenue 4901 482275 Variable Manufacturing Costs: Direct Materials 5987 51488 Direct Labor 9350 85085 Variable Overhead 5987 31731 Fixed Manufacturing Costs: Fixed Overhead 60255 Total Cost of Goods Sold 228559 Gross Profit 253716 Static Budget (975 recliners) (975 Sales recliners x $ 505 each) $ 492,375 (955 recliners x $ 490 each) Variable Manufacturing Costs: Direct (5,850 yds. Materials @ $ 8.60 / yd.) 50,310 (5,987 yds. @ $ 8.40 / yd.) Direct (9,750 Labor DLHr @ $ 9.10 DLHr) 88,725 (9,350 DLHr @ $ 9.30 DLHr) Variable (5,850 yds. Overhead @ $5.30 / yd.) 31,005 (5,987 yds. @ $ 6.70 / yd.) 50,291 86,955 40.113 Requirement 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the varia Print Done ked overhead volume varianc or unlavoravic (V). Trunu your answers tU TIC TICATEST whole dollar. Abbreviations use Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance i lavoravic standard quantity.) Requirement 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. 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). (Round your answers to the nearest whole dollar. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance 19|| U Direct labor cost variance 1770|| U (AC-SC) AQ Next compute the efficiency variances. Select the or 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 cos (AC-SC) SQ andard cost; SQ = standard quantity.) (AQ - SQ)X AC Variance (AQ - SQ) x SC Direct materials efficiency variance Actual FOH - Allocated FOH Direct labor efficiency variance Actual FOH - Budgeted FOH Budgeted FOH - Allocated FOH Now compute the variable overhead cost and effi te 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; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume 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; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance FOH volume variance Requirement 3. Have White'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 variance and direct materials efficiency variance. Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 4. Describe how White's managers can benefit from the standard costing system. Standard costing helps managers do the following: aterials, lab Create new products Decrease accounting costs Develop more efficient production methods Identify performance standards Increase production levels Increase sales volume Prepare the master budget Set sales prices of products and services Set target levels of performance for flexible budgets ct that ng system. Choose from any list or enter any number in the input fields and then continue to the next au