Juda Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Juda allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: 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) Direct materials cost variance = Direct labor cost variance Formula (AC-SC) x AQ (AC - SC) × AQ = Variance Next compute the efficiency variances. Select the required formulas, compute the efficiency 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) Direct materials efficiency variance F Direct labor efficiency variance Formula (AQ-SQ) SC (AQ-SQ) SC Variance U F Now compute the variable overhead cost and efficiency variances. Select the required formulas, compute the Juda Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Juda allocates overhead based on yards of direct materials. The company's performance report includes the following selected data: Data table Sales Static Budget (1,025 recliners) Actual Results (1,005 recliners) (1,025 recliners x $515 each) (1,005 recliners x $480 each) S 527,875 S 482,400 Variable Manufacturing Costs Direct Materials (6.150 yds @ $8.90/yd.) (6,300 yds @ $8.70/yd.) 54,735 54 810 Direct Labor (10,250 DLHr @ $11.30/DLHr) (9,850 DLHr @ $11.40/DLHr) 115,825 112,290 Variable Overhead (6,150 yds @ $5.10/yd.) 31,365 (6,300 yds. @ $6.50/yd) 40,950 Fixed Manufacturing Costs: Fixed Overhead Total Cost of Goods Sold Gross Profit 62,730 64,730 264,655 272,780 $ 263,220 $ 209,620 - X