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 Cole's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? 4. Describe how Cole's managers can benefit from the standard costing system. includes the following selected data (Cliok the icon to view the selected data.) Requirement 1. Prepare a fienble budget based on the actual number of rociners Data table 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 materiais 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.)