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Preston Reciners manufactures leather recliners and uses flexible budgeting and a standard cost system. Preston allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selacted dathi) Read the requirements. 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 materiais and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficlency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. 3. Have Preston's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Preston's managers can benefit from the standard costing system. Data table Data table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent. 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 variancos for direct materiale and direct labor, and identify whather each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC a = actual cost AQ actual quantity; FOH= fixed overhead; SC= standard cost,SQ= standard quantity.) 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 usod: AC actual cost, AC = actual quantity, FOH = fixed overhead; SC= standard cost; SQ= standard cuanbity.) 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= foxed overhead; SC= standard cost: SQ= standard quantity; VOH= variable overhead.) Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and etficiency variances. and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC I actual cost: AO= actual quantity; FOH= fixed overhead; SC = standard cost; SQ= standard quantity; VOH= variabie overhead.) 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 favorabie (F) or unfavorable (U). (Round your answers to the nearest whole dollar, Abbreviations used: AC = achul cost; AQ = actual quantity; FOH = fixed overhead; SC= standard cost; SO i standard quantity) Requirement 3. Have Presten's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 sugeost that the managers have done a job controlling materlals and labor costs. The direct materials cont variance and direct labor efficiency variance help offset the direct labor cost variance and direct materials afliciancy variance. Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 3. Have Preston's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggent that the managers have done a job controlling materiais and labor costs. The direct materials cost variance and direct labor efficiency variance help offset the direct Labor cost variance and direct materials afficiency variance. Managers have done a job controlling overhead costs as evidenced by the fact that of the averhead variances are Preston Reciners manufactures leather recliners and uses flexible budgeting and a standard cost system. Preston allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selacted dathi) Read the requirements. 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 materiais and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficlency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. 3. Have Preston's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Preston's managers can benefit from the standard costing system. Data table Data table Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent. 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 variancos for direct materiale and direct labor, and identify whather each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC a = actual cost AQ actual quantity; FOH= fixed overhead; SC= standard cost,SQ= standard quantity.) 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 usod: AC actual cost, AC = actual quantity, FOH = fixed overhead; SC= standard cost; SQ= standard cuanbity.) 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= foxed overhead; SC= standard cost: SQ= standard quantity; VOH= variable overhead.) Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and etficiency variances. and identify whether each variance is favorable (F) or unfavorable (U). (Round your answers to the nearest whole dollar. Abbreviations used: AC I actual cost: AO= actual quantity; FOH= fixed overhead; SC = standard cost; SQ= standard quantity; VOH= variabie overhead.) 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 favorabie (F) or unfavorable (U). (Round your answers to the nearest whole dollar, Abbreviations used: AC = achul cost; AQ = actual quantity; FOH = fixed overhead; SC= standard cost; SO i standard quantity) Requirement 3. Have Presten's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 sugeost that the managers have done a job controlling materlals and labor costs. The direct materials cont variance and direct labor efficiency variance help offset the direct labor cost variance and direct materials afliciancy variance. Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are Requirement 3. Have Preston's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggent that the managers have done a job controlling materiais and labor costs. The direct materials cost variance and direct labor efficiency variance help offset the direct Labor cost variance and direct materials afficiency variance. Managers have done a job controlling overhead costs as evidenced by the fact that of the averhead variances are