Root Peclinen manufactures leather reciners and uses fievible budgethg and a standard cost system. Roof atocales overtiead based on yards of direct materiais. The ocmpany's peformance repor (Click the icon to view the selocted data) Read the requirements Requirement 1. Prepere a fexible budget based on the actual number of recinens sold. (Rlound budget amount per una to the nearsat cent) Requirements 1. Prepare a fexble budget based on the actual number of reciners soid 2. Compute the cost variance asd the efficiency varance for direct materiats and for dirsct labor. For manufacturing overtiead, compute the variabie overhead cost, variable overhead efficiency, fixed overthead cost, and fixed overhead volume variances. Round to the nearest dolar. 3. Have Roors managers done a good job or a poor job controling materials, laber, and overhead coats? Why? 4. Describe how Roors mavagers can beneft from the standard costing syslem. Data table