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Preston Recliners 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 selected data.) Read the requirements. Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) Preston Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold INI Gross Profit i 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 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. Static Budget Actual Results (1,000 recliners) (980 recliners) $ 500,000 $ 480,200 51,600 51,601 92,000 Sales (1,000 recliners x $ 500 each) (980 recliners x $ 490 each) Variable Manufacturing Costs: Direct Materials (6,000 yds. @ $ 8.60 / yd.) (6,143 yds. @ $ 8.40 / yd.) Direct Labor (10,000 DLHr @ $ 9.20 / DLHr) (9,600 DLHr @ $ 9.30 / DLHr) Variable Overhead (6,000 yds. @ $ 5.00 / yd.) (6,143 yds. @ $ 6.40 / yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit 89,280 30,000 39,315 60,000 62,000 233,600 242,196 266,400 $ 238,004 Preston Recliners 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 selected data.) Read the requirements. Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) Preston Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold INI Gross Profit i 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 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. Static Budget Actual Results (1,000 recliners) (980 recliners) $ 500,000 $ 480,200 51,600 51,601 92,000 Sales (1,000 recliners x $ 500 each) (980 recliners x $ 490 each) Variable Manufacturing Costs: Direct Materials (6,000 yds. @ $ 8.60 / yd.) (6,143 yds. @ $ 8.40 / yd.) Direct Labor (10,000 DLHr @ $ 9.20 / DLHr) (9,600 DLHr @ $ 9.30 / DLHr) Variable Overhead (6,000 yds. @ $ 5.00 / yd.) (6,143 yds. @ $ 6.40 / yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit 89,280 30,000 39,315 60,000 62,000 233,600 242,196 266,400 $ 238,004