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budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The company's perform i Data Table Actual Results Static Budget (1,000 recliners) $ 505,000 (980 recliners) 480,200 51,000 50,987 Sales (1,000 recliners x $ 505 each) (980 recliners x $ 490 each) Variable Manufacturing Costs: Direct Materials (6,000 yds @ $ 8.50 / yd) (6,143 yds. @ $ 8.30 / yd.) Direct Labor (10,000 DLHr @ $ 9.40 / DLHR) (9,600 DLHr @ $ 9.50 / DLHR) Variable Overhead (6,000 yds @ $ 5.20 / yd.) (6,143 yds @ $ 6.60 / yd.) Fixed Manufacturing Costs: 94,000 91,200 31,200 40,544 60,600 62,600 Fixed Overhead Total Cost of Goods Sold 245,331 236,800 268,200 $ 234,869 Gross Profit ency ble ov Print Done Yorabl as, CA itv: FOTOVOTOUR JOTTO GOBLOG torra fields and then continue to the next question Read the requirements. Requirement 1. Prepare a flexible budget based on the actual number of reclir Root 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 Total Cost of Goods Sold Gross Profit Requirement 2. Compute the cost variance and the efficiency variance for direct overhead volume variances. Round to the nearest dollar. Begin with the cost variances. Select the required formulas, compute the cost vari- Abbreviations used: AC = actual cost: AQ = actual quantity: FOH = fixed overhead Choose from any list or enter any number in the input fields and then continu airement 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 officiency, fred overhead cost and feed ead volume variances. Round to the nearest dollar n with the cost wances Select the required formulas, compute the cost varianoes for direct materials and direct labor, and identify whether each variance in favorable (F) or unfavorable (U). (Round your answers to the nearest whole do reviations used: AC actual cost. AQ - actual quantity, FOHPored overhead: SC standard cost. SQ standard quantity) Formula Variance ect materials cost arance rect labor cost variance ext compute the efficiency variances Select the required formula, compute the stency variances for direct male and direct lobor, and identity whether each variance is favorable (F) or unfavorable (U). (Round your answers to the neares The dollar Abbreviations used AC adul.cos, A - acua quantity, FOHBxed Overhead, SC standard cost standard quantity) Formula Variance Oirect materiais efficiency variance Direct laboreficiency variante Now compute the variatie overhead cost and oticiency variances Belect the required formulas, compute the variable overhead cost and eficiency variances and Identity whether each variance in favorable or unfavorable (U). (Round your answers to the rest whole color. Abbreviations used Aaculo actual quantity: FOH fred overhead standard cost 80 standard quartty. VOH wable overhead) Form VOH Costariance VOH ciciency variance Noworode the food overhead cool and volume variances Select the required formulas, compute the feed overhead cost and volume variances, and identify whether each variance is favorable or unfavorable (U). (Hound your answers to Choose from any ist or enter any number in the input fields and then continue to the next question Root Recliners manufactures other recliners and uses flexible budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The company's performance report includes the following selected data Click the loon to view the selected data) Read the reverents answers to the nearest whole dolar. Abbreviations used. Ac - actual cost, AQ actual quantity, FOH = fued overhead: SC standard cost, SQ standard quantity, VOH - variabile overhead) Formula Variance VOH cost variance VOH eficiency variance Now compute the fred overhead cost and volume varianoes Select the required formulas, compute the fwed overhead cost and volume variances, and identify whether each variance in favorable (F) or unfavorable (U). (Round your answers the nearest whole dotar Abbreviations AC actual cost, AQ actual quantity, FOHfed overhead, SC standard cost Standard quality Ford Variance FOH CON FOH volume variance Requirement 3. Have Roofs managers done a good job or a poor job controlling materials, labor and overhead costs? Why? The variances computed in Requirement 2 were the managers have done job controlling materials and labor costs. The direct materials cost variance and direct labor efficiency variance help otset the direct labor contrace and direct materials officiency variance Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead various Requirement 4. Describe how Roofs managers can benefit from the standard costing system Standard costing helps managers do the following Choose from any ist or enter any number in the input fields and then continue to the next question Boot Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The company's performance report How Click the icon to view the selected data) Read the requirements Requirement 1. Prepare a fexible budget based on the actual number of recliners sold. (Round budget amounts per un to the nearest cent) Root Recliners Flexible Budget Budget Amounts per Unit Actual Units Recliners) Sales Revenue Variable Manufacturing Costs Direct Materias Direct Labor Variable Overhead Faed Manufacturing Costs: Fred Overhead Total Cost of Goods Sold Gross Profit Requirement 2. Compute the cost variance and the officiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost variable overhead officiency, fixed overhead cost and feed overhead volume variances Pound to the rest dolor Begin with the con variarom. Select the required formulas, compute the contains for direct materials and direct labor and identity whether each variance in favorable (F) or unfavorable (U). (Round your answers to the nearest whole ola Abbreviations AC actual cost AD actual. FOH fed overhead: SC standard cost s stardard quart Choose from any list or enter any number in the input fields and then continue to the next question Root Recliners manufactures lower recliners and uses feble budgeting and a standard cost system. Root 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 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overtad, compute the variable overhead cost, variable overhead etency.foed overhead cost and find overhead volume variances. Round to the nearest dolor. Begin with the cost variances Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variare is favorable (F) or unfavorable (U) (Round your answers to the nearest whole dolar Abbreviations used: AC = actual cost. A actual quantity, FOHfed overhead, SC standard cost SQ standard quart) Formula Direct materials costatne Direct labor cost variance Next compute the ceny variances. Select the resuired forms, compute efficiency variances for direct material and direct laber, and identity whether each variance is favorable (F) or unfavorable (U) Round your answers to the rest whole Abbreviations used AC actual cos, Munty, FOHfed overhead, vandard cost, Standard quantity) Formula Direct many variance Direct labore en variance Now compute the variable overhead coul and efficiency variances et the red forms, compute the variable overhead cont and efficiency ances, and identity whether each wie is tevorable (Por untavorable (0) Round your westo e nearest whole of Autrevised AC actual cost. A actual quantity Fored overhead standard cost 10 dard YVOH variatie overhead) Formula Varance VOH con vaan VOH eficiency variance Now compute the food overhead cost and volume variances Select the required to come fred overhead cost and wante variances and endly whether each variance in favorable (F) or unfavorable (U) (Round your answers to Formula Variance Choose from any list or enter any number in the input fields and then continue to the next question OH efficiency variance ow compute the faxed overhead cost and volume variances Select the required formulas, compute the feed Overhead cost and volume variances, and identify whether each race is favorable for favorable (U). Round your nearest whole dollar Abbreviations used: AC actual contactly FOH radova, SC Wandard cost 50 standard quality) Form Variance Create new products Decrease accounting costs Develop more efficient production methods Identity performance standards Increase production levels Increase sales volume Prepare the master budget Set les prices of products and services Sol target levels of performance for flexible budgets or job controlling material, labor, and overhead costs? Why? agers have done a ob controlling materials and labor costs. The direct materials costvariance and director officiency wariance hep of the Sony variance Managers have done a job controlling overhead costs as evidenced by the fact that of the overhead variances are In the standard costing system