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Score: 6 of 47 pts 3 of 3 (3 complete) HW Score: 30.38%. 24 of 79 % PM8-26A (similar to) Question Help Root Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Root allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: E (Click the icon to view the selected data.) Read the requirements Requirement 1. Prepare a flexible budget based on the actual number of recliners sold. (Round budget amounts per unit to the nearest cent.) Root Recliners Flexible Budget Budget Amounts per Unit Actual Units (Recliners) 980 Sales Revenue $ 515.00 $ 504,700 Variable Manufacturing Costs: Direct Materials Direct Labor 51.00 109.00 49,980 106,8209 30,576 Variable Overhead 31.20 Fixed Manufacturing Costs: Fixed Overhead 60,600 Total Cost of Goods Sold 247,976 $ 256.724 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 - X Data Table Direct labor cost variance Static Budget (1,000 recliners) $ 515,000 Actual Results (980 recliners) $ 465,500 51,000 50,987 Sales (1,000 recliners x $515 each) (980 recliners x $475 each) Variable Manufacturing Costs: Direct Materials (6,000 yds. @ $8.50 / yd.) (6,143 yds. @ 58.30 / yd.) Direct Labor (10,000 DLHr @ $10.90 / DLHr) (9,600 DLHr @ $11.10 / DLHr) Variable Overhead (6,000 yds @ $5.20 / yd.) (6,143 yds @ $6.60 / yd.) Fixed Manufacturing Costs: Fixed Overhead 109,000 106,560 31,200 40,544 60,600 62,600 251,800 Total Cost of Goods Sold 260,691 Choose from any list or enter any number in the input fields and then click Check Answer. $ 263,200 $ Gross Profit 204,809 5 parts remaining Check