You are a new junior accountant at Perfect View 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.) Requirements 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. 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 - X Data Table Unit Variable Costs - Member Firms For the Month Ended September 30, 2017 Firm A Firm B Firm C Firm D Industry Benchmark 2.10 1.95 1.90 2.50 2.10 oz. of glass Materials input Materials price $ 5.30 $ 5.80 $ 5.40 $ 5.05 $ 5.40 per oz. Labor-hours used 0.75 0.65 0.65 0.60 0.60 hours Wage rate $ 15.00 $ 14.75 $ 14.50 $ 16.25 $ 13.00 per DLH 11.75 per DLH Variable overhead rate $ 8.75 $ 13.50 $ 7.00 $ 10.50 $ Firm A Firm B Firm C Firm D Direct materials % % % % Direct labor % % % % Variable overhead % % % % Total 100.00 % 100.00 % 100.00 % 100.00 % You are a new junior accountant at Perfect View 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.) Requirements 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. 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 Firm A Firm B Firm C Firm D % over % over % over % over Variance standard Variance standard Variance standard Variance standard % % % % % % % DM price variance DM efficiency variance DL price variance DL efficiency variance % % % % % % % % %