Soundset manufactures headphone cases. During September 2018, the company produced and sold 107,000 cases and recorded the following cost data: (Click the icon to view the cost data.) Read the reauirements. i Data Table Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and dire actual quantity: FOH fixed overhead: SC standard cost; SQ standard quantity.) AC actua Standard Cost Information Formula Variance Quantity Cost (AC SC) x AQ $10,450 U Direct materials cost variance S0.15 per part Direct Materials 2 parts Direct labor cost variance (AC SC) x AQ 246 U Direct Labor 0.02 hours 8,00 per hour Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct mat cost; AQ actual quantity; FOH = fixed overhead; SC standard cost; SQ standard quantity.) iations use Variable Manufacturing Overhead 0,02 hours 9.00 per hour Formula Variance Fixed Manufacturing Overhead ($32.980 static budget volume (AQ- SQ) x SC = $ 750 Direct materials efficiency variance of 97.000 units and 1,940 hours, or $17 per hour) Direct labor efficiency variance (AQ SQ) x SC 4,000 F Requirement 2. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the Actual Cost Information (209,000 parts@$ S 41,800 0.20 per part) Direct Materials vorable (U). Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variab used: AC actual cost; AQ actual quantity: FOH fixed overhead; SC standard cost; SQ standard quantity: V 8.15 per hour) (1,640 hours @ S Direct Labon 13,366 Variable Manufacturing Overhead 10,000 Formula Variance (AC SC)x AQ 30,000 Fixed Manufacturing Overhead VOH cost variance VOH efficiency variance (AQ SQ) x SC Print Done Choose from any list or enter any number in the input fields and then click Check