Standard Cost Information Hear Smart manufactures headphone cases. During September 2024, the company produced and sold 105,000 cases and recorded the following cost data: Click the icon to view the cost data.) Read the requirements. 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.) 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.)