Top-Notch Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead costs) and one fixed-cost category (manufacturing overhead costs) (Click the icon to view additional information.) Read the requirements Requirement 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. Begin by computing the following amounts for the variable manufacturing overhead. Actual Input Qty. Actual Costs Incurred Allocated Overhead Budgeted Rate Flexible Budget Now compute the variances: flexible-budget variance, then spending variance, and finally the efficiency variance. Label each variance as favorable (F) or unfavorable (U). Flexible-budget variance Spending variance Efficiency variance Requirement 2. Comment on the results. spending variance because the actual variable overhead rate per direct manufacturing labor-hour was than the budgeted. It had efficiency variance because each suit averaged labor-hours Top - Notch had than budgeted. Top-Notch Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead costs) and one fixed-cost category (manufacturing overhead costs) (Click the icon to view additional information.) Read the requirements Requirement 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. Begin by computing the following amounts for the variable manufacturing overhead. Actual Input Qty. Actual Costs Incurred Allocated Overhead Budgeted Rate Flexible Budget Now compute the variances: flexible-budget variance, then spending variance, and finally the efficiency variance. Label each variance as favorable (F) or unfavorable (U). Flexible-budget variance Spending variance Efficiency variance Requirement 2. Comment on the results. spending variance because the actual variable overhead rate per direct manufacturing labor-hour was than the budgeted. It had efficiency variance because each suit averaged labor-hours Top - Notch had than budgeted