Soundset manufactures headphone cases. During September 2024, the company produced and sold 106,000 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 the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance Direct labor cost variance X Data table Next compute the efficiency variances. Se hether each variance is favorable (E)or unfavorable (II)_(Abbreviations_us alcost. AQ = actual quantity EOH - fixed overhead; SC = standard cost; SQ = standard quantity.) - X Standard Cost Information Requirements Quantity Cost Direct materials efficiency variance Direct labor efficiency variance Direct Materials 2 parts $0.17 per part 1. Compute the cost and efficiency variances for direct materials and direct Direct Labor 0.02 hours 14.00 per hour abor. Requirement 2. For manufacturing overh ances. Variable Manufacturing Overhead 0.02 hours 10 per hour 2. For manufacturing overhead, compute the variable overhead cost and Now compute the variable overhead cost Fixed Manufacturing Overhead ($32,640 for static budget volume of 96,000 nces, and identify wh efficiency variances and the fixed overhead cost and volume variances. Itual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VO units and 1,920 hours, or $17 per hour) 3. Soundset's management used better quality materials during September. Discuss the trade-off between the two direct material variances. Actual Cost Information VOH cost variance Direct Materials (208,000 parts @ $0.22 per part) $ 45,760 VOH efficiency variance Direct Labor (1,620 hours @ $14.15 per hour) 22,923 Variable Manufacturing Overhead 8,000 identify whether each Print Done Now compute the fixed overhead cost and ty; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Fixed Manufacturing Overhead 31,000 FOH cost variance FOH volume variance Print Done Requirement 3. Soundset's management Soundset's management knew that using MyTel quanty m Trupeu these materials would result in more efficient usage than "standard" materials. The result was an overallSoundset manufactures headphone cases. During September 2024, the company produced and sold 106,000 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 the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance = = 11 Direct labor cost variance Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials efficiency variance Direct labor efficiency variance Requirement 2. For manufacturing overhead, compute the variable overhead cost and efficiency variances and the fixed overhead cost and volume variances. Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance FOH volume variance Requirement 3. Soundset's management used better quality materials during September. Discuss the trade-off between the two direct material variances. Soundset's management knew that using higher quality materials would result in a(n) V. They hoped these materials would result in more efficient usage than "standard" materials. The result was an overall