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 effienoy, fuct overhead cost, and fixed overhead volume varancet. Round to the nearnst dollar. Bego with the cost varianoes. Seiect the reguired formulas, compute the cost variances for drect materials and drect laboc, and identfy whether each variance is favorable (F) or unfavoracie (t)