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Question Help n 20 m Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith 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.) 20 Read the requirements. m 20 m Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) 2 20 m Smith Recliners Flexible Budget Budget Amounts 20 em per Unit 20 om Actual Units (Recliners) Sales Revenue 20 om Choose from any list or enter any number in the input fields and then continue to the next question - X Data Table a Static Budget Actual Results (1,025 recliners) (1,005 recliners) 507,375 $ 482,400 GA 54,735 Sales (1,025 recliners x S 495 each) (1,005 recliners x $ 480 each) Variable Manufacturing Costs: Direct Materials (6.150 yds @ $ 8.90 / yd.) (6,300 yds @ $ 8.70 / yd.) Direct Labor (10,250 DLHr@ S 9.10 / DLHr) (9.850 DLHr @ $ 9.30 / DLHr) Variable Overhead (6.150 yds @ $ 5.10 7yd.) (6,300 yds @ $ 6.50 7yd.) 54,810 93,275 91.605 31.365 40,950 54,735 54,810 93,275 91,605 Variable Manufacturing Costs: Direct Materials (6,150 yds @ $ 8.90 / yd.) (6,300 yds. @ $ 8.70 / yd.) Direct Labor (10,250 DLHr@ 9.10 / DLHr) (9,850 DL.Hr @ S 9.30 / DLHr) Variable Overhead (6,150 yds @ $ 5.10/yd.) (6,300 yds @ $ 6.50/ yd.) Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold 31,365 40,950 62,730 64,730 U 7 242,105 252,095 A Gross Profit 265 270 $ 230,305 n Print Done n Read the requirements. Budget Amounts per Unit Actual Units (Recliners) Sales Revenue Variable Manufacturing Costs: Direct Materials Direct Labor Variable Overhead Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold hori hot fide 20 Variable Overhead Fred Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit 20 m Requirement 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 dolls 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) (Round your answers to the nearest whole dollar Abbreviations used AC = actual cost AQ = actual quantity, FOH = fixed overhead, SC standard cost: SQ = standard quantity) 20 em 20 Choose from any list or enter any number in the input fields and then continue to the next question Read the requirements Gross Profit Requirement 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 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). (Round your answers to the nearest whole dollar. Abbreviations used: AC = actual cost; AQ = actual quantity: FOH = fixed overhead: SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance (AC-SC) XAQ F Direct labor cost variance (AC-SC) XAQ U Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and direct labor, and identify Choose from any list or enter any number in the input fields and then continue to the next question. Smith Redliners manufactures leather rediners and uses teable budgeting and a standard cost system. Smith allocates overhead based on yards of direct materials. The company's performance report includes the following selected data BB Click the icon to view the selected data) 0 - 0 0 - Read the requirements Formula Variance Direct materials efficiency variance (AQ - SQ)X SC U Direct labor efficiency variance (AQ SQ)x SC F Now compute the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhead cost and efficiency variances and Identity whether each variance is favorable (F) or unfavorable (U) (Round your answers to the nearest whole dollar Abbreviations used. AC = actual cost, AQ - actual quantity, FOHfoued overhead, SC = standard cost, 50 - standard quantity, VOH = variable overhead) Formula Variance VOH cost variance AC-SC) AB U VOH efficiency variance (AQ -50XSC U Now compute the fixed overhead cost and volume variances Select the required formulas compute the faced overhead cost and volume variances ovele Anant whether such wariana i fauna Flor faunahin/18 Bunun nere in the whole dollar Ahhroulains AC Choose from any list or enter any number in the input fields and then continue to the next question D 20 20 actual cost, AQ = actual quantity: FOH = fixed overhead; SC = standard cost: SQ = standard quantity.) Variance FOH cost variance Formula Actual FOH - Budgeted FOH Budgeted FOH - Allocated FOH U FOH volume variance U Requirement 3. Have Smith's managers done a good job or a poor job controlling materials, labor, and overhead costs? Why? The variances computed in Requirement 2 suggest that the managers have done a job controlling materials and labor costs. The direct materials cost variance and direct labor efficiency variance help offset the direct labor cost priance and direct materials efficiency variance Managers have done a job controlling overhead costs as evidenced by the fact that of the Choose from any list or enter any number in the input fields and then continue to the next question The variances computed in Requirement 2 suggest that the managers have done a job controlling materials and labor costs The direct materials cost variance and direct labor efficiency variance help offset the direct labor cost variance and died materials efficiency variance Managers have done a job controlling overhead costs as evidenced by the fact that overhead variances are Requirement 4. Describe how Smith's managers can benefit from the standard costing system Standard costing helps managers do the following Prepare the master budget Set target levels of performance for flexible budgets Identity performance standards Choose from any list or enter any number in the input fields and then continue to the next