Save Part 2 of Points: 0.92 of 8 Headsound manufactures headphone cases. During September 2024, the company produced and sold 108,000 cases and recorded the following cost data (Click the icon to view the cost data) Read the requirements Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor Begin with me cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor and identify whether each vanance is favorable (F) or unfavorable (U) (reviations AC cost, AQ actual quantity, FOH Sxed overheat, SC standard cost BQ standard quansty Direct materials cost variance Direct labor cost variance Formula (AC-BC) AQ (AC-SC) AQ Variance $10.750 U Next compute the efficiency variances Select the required formulas, compute the eficiency variances for direct materials and direct labor, and identify whether each variance is favorate (F) or unfavorable (U) ( AC actual coat AQ actual quantity, FOH Exod overhead SC standant cost 5Q-standant quantity) Direct materials afficiency variance Direct labor efficiency variance Formula Variance Data table Standard Cost Information Direct Materials Direct Labor Variable Manufacturing Overhead Quantity 2 002 hours 002 hours Cost $0.10 per part 14.00 per hour 11 per hour Fixed Manufacturing Overhead ($33.320 for alaric budget volume of $8,000 units and 1960 hours or $17 per hour) Actual Cost Information Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Overhead (215.000 pas $0.21 per part $45.150 (1.660 tours $14.10 per hour) 23.400 11.000 25.000