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Quality Fender uses a standard cost system and provide the following information: (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 2018: actual number of fenders produced, 20,000; actual variable overhead, $5,200; actual fixed overhead, $25,000; actual direct labor hours, 430 . Read the requirements. Requirement 1. Compute the overhead varianoes for the year: variable overhead cost variance, variable overhead efficiency variance, fxed overhead cost variance, and fixed overhead volume variance. Begin with the variable overhead cost and efficiency varianoes. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (You may need to simply the formula based on the data provided. Abbreviations used: AC = actual cost; AQ = actual quantity, FOH= fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Now compute the fixed overhead cost and volume varianoes. Select the required formulas, compute the fixed overhead cost and volume varianoes, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ=actual quantity, FOH = fixed overhead; SC = standard cost, SQ = standard quantity.) Requirement 2. Explain why the variances are favorable or unfavorable