Stenback Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Stenback allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: (Click the icon to view the selected data.) Read the requirements OX Static Budget (1,025 recliners) $ 512.500 Actual Results (1,005 recliners) Requirements $ 497,475 Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) Stenback Recliners Flexible Budget Data table Budget Amounts per Unit Actual Units (Recliners) Sales (1,025 recliners x $500 each) Sales Revenue (1,005 recliners x $495 each) Variable Manufacturing Costs: Variable Manufacturing Costs: Direct Materials Direct Materials (6,150 yds. @ $8.60 / yd.) Direct Labor (6,300 yds @ $8.40 / yd.) Variable Overhead Direct Labor (10,250 DLHr@ $12.10 / DLHR) Fixed Manufacturing Costs: (9,850 DLHr@ $12.20 / DLHr) Fixed Overhead Variable Overhead (6,150 yds. @ $5.10 / yd.) Total Cost of Goods Sold (6,300 yds. @ $6.50 / yd.) Gross Profit Fixed Manufacturing Costs: Fixed Overhead 52,890 52.920 124,025 1. Prepare a flexible budget based on the actual number of recliners sold. 2. Compute the cost variance and the efficiency variance for direct materials and for direct labor. For manufacturing overhead, compute the variable overhead cost, variable overhead efficiency, fixed overhead cost, and fixed overhead volume variances. Round to the nearest dollar. 3. Have Stenback's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? Describe how Stenback's managers can benefit from the standard costing system 120,170 31,365 4. 40,950 62,730 64,730 Total Cost of Goods Sold 271,010 278,770 Print Done 241,490 $ 218,705 Gross Profit Print Done