You are a new junior accountant at Clearvision Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements. Data table Before calcualing the varances, determine the furmula you will use to calcuiote the price wariance of each frim. Now determine the formula you will ule to calculate the \%h over atandard. W Over Now calculate the direct maberais and direct manufacturing labor price and efficiency varances for the four firmi using the industry standard as a benchmak. Calculate the percent over thardard for each firm and each variance. Label each variance as favorable (F) or untmorable (U). (Round ail amourta to twa decomal places. For amounta ? You are a new junior accountant at Clearvision Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements. Data table Before calcualing the varances, determine the furmula you will use to calcuiote the price wariance of each frim. Now determine the formula you will ule to calculate the \%h over atandard. W Over Now calculate the direct maberais and direct manufacturing labor price and efficiency varances for the four firmi using the industry standard as a benchmak. Calculate the percent over thardard for each firm and each variance. Label each variance as favorable (F) or untmorable (U). (Round ail amourta to twa decomal places. For amounta