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 - X jether each variance is overhead; SC = standard cost; SQ = standard quantity.) Data table X Requirements Direct materials cost varian Standard Cost Information 1 . Compute the cost and efficiency variances for direct materials and direct Direct labor cost variance Quantity Cost labor. Next compute the efficiency Direct Materials 2 parts $0.17 per part nd identify whether ead 2. For manufacturing overhead, compute the variable overhead cost and ty; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) efficiency variances and the fixed overhead cost and volume variances. Direct Labor 0.02 hours 14.00 per hour 3. Soundset's management used better quality materials during September. Variable Manufacturing Overhead 0.02 hours 10 per hour Discuss the trade-off between the two direct material variances. Direct materials efficiency Fixed Manufacturing Overhead ($32,640 for static budget volume of 96,000 units and 1,920 hours, or $17 per hour) Direct labor efficiency varia Actual Cost Information Requirement 2. For manufad (208,000 parts @ $0.22 per part) $ 45,760 volume variances. Print Done Direct Materials Now compute the variable ov Direct Labor (1,620 hours @ $14.15 per hour) 22,923 ficiency variances, and AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard Variable Manufacturing Overhead 8,000 Fixed Manufacturing Overhead 31,000 VOH cost variance VOH efficiency variance Now compute the fixed overh riances, 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.) Print Done 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 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 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) . They hoped these materials would result in more efficient usage than "standard" materials. The result was an overall