1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Data table Quality Fender uses a standard cost system and provide the following intormation: (Click the icon to view the information.) Quality Fender alocates manufacturing overhead to production based on standard direct labor hours, Quality Fender reported the following actual results for 2024 : achual number of fenders produced, 20,000; actual vanable overhead, $5,600; actual fixed overheod, $25,000; actual direct labor hours, 440 . Read the requirements. Requirement 1. Compute the overhead vanances for the year, variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and foced overhead volume vaniance. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficienoy varances, and identfy whether each variance is favorable (F) or untavorable (U). (You may need lo simply the formula based on the data provided. Abbeviations used. AC = actual cost; AQ= actual quantsy, FOH= fixed overhead; SC= standard cost, SQ = standard quantly, VOH = variable overhead)