Save You are a new junior accountant at Clearview Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and three of your competitors within the trade association. The report also includes information related to the industry benchmark for each line item in the report. You do not know which firm is which, except that you know you are firm A (Click the icon to view the data.) Read the tequirements Now calculate the direct materials and direct manufacturing labor price and efficiency variances for the four firms using the industry standard as a benchmark. Calculate the percent over standard for each firm and each variance. Label each variance as favorable (F) or unfavorable (U) (Round all amourits to two decimal places. For amounts with a 50 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Use parentheses or a minus sign for percentages under standard. Abbreviation used var = variance) Firm A % over Variance standard DM price var 0.19 F % Unit Variable Costs - Member Firms For the Month Ended September 30, 2017 Firm A Firm B Firm C Firm D Industry Benchmark Materials input 1.90 2.00 1.95 2.30 1.90 oz. of glass Materials price $ 5.50 $ 6.00 $ 5.60 $ 5.25 $ 5.60 per oz. Labor-hours used 0.90 1.25 0.80 0.95 0.95 hours Wage rate $ 15.25 $ 16.00 $ 15.75 $ 16.50 $ 13.25 per DLH Variable overhead rate S 8.75 $ 12.75 $ 7.75 $ 11.25 $ 11.75 per DLH Print Done