3 $23-10 (similar to) The following information relates to Jackson, Inc.'s overhead costs for the month (Click the icon to view the information) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead officiency variance, fed overhead cost variance, and found overhead volume variance 2. Explain why the variances are favorable or unfavorable Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, foved overhead cost variance, and fixed overtad volume variance Begin by selecting the formulas needed to compute the variable overhead (VOH) and fixed overhead (FOH) variances, and then compute each variance amount (Actual cost Standard cost) x Actual hours = VOH cost variance (Actual hours - Standard hours allowed) Standard cost VOH efficiency variance Actual overhead - Budgeted overhead = FOH cost variance Budgeted overhead - Allocated overhead FOH volume variance rianpe variablo svarbaad officiency varianco fivad awachand cost variance and fixed overhead Data Table sead Jance, and fixed H) an WOH Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units $ 7,500 $ 3,000 1,500 hours JOHC FOH 7,500 units FOHV Jackson allocates manufacturing overhead to production based on standard direct labor hours. Last month, Jackson reported the following actual results: actual variable overhead, $10,600; actual fixed overhead, $2,770; actual production of 6,800 units at 0.40 direct labor hours per unit. The standard direct labor time is 0.2 direct labor hours per unit (1,500 static direct labor hours / 7,500 static units) Print Done