You are a new junior accountant at In Focus 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 three of your competitors within the trade

association. The report also includes information related to the industry benchmark for each

line item in the report. You do not know which firm is which, except that you know you are

firm A$.$

$($Click the icon to view the data.$)$

Required

Data Requirement $1.$ Calculate the total variable cost per unit for each firm in the trade association.

Compute the percent of total for the material, labor, and variable overhead components. $($Round all

cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the

total of the percentages may not equal $100\%.)$

Requirement $2.$ Using the trade association's industry benchmark, calculate direct materials and direct

manufacturing labor price and efficiency variances for the four firms. Calculate the percent over standard for each

firm and each variance. $($Abbreviation used: Ind. BM $=$ Industry Benchmark.$)$

Before calculating the variances, determine the formula you will use to calculate the price variance of each firm.

$1$

Price variance

Now determine the formula you will use to calculate the efficiency variance of each firm.

$,$

$=$

Efficiency variance

Now determine the formula you will use to calculate the $\%$ over standard.

Now calculate the direct materials and direct manufacturing labor price and efficiency variances for the four firms

using the industry standard as a benchmark. Calculate the percent over standard for each firm and each variance.

Label each variance as favorable $($F$)$ or unfavorable $($U$).($Round all amounts to two decimal places. For amounts

with a $$0$ balance, make sure to enter $"0"$ in the appropriate field. If the variance is zero, do not select a label. Use

parentheses or a minus sign for percentages under standard.$)$