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Exercise 16-49 (Algo) Comprehensive Cost Variance Analysis (LO 16-5, 6) NSF lube is a fast-growing chain of oil change stores The following data are available for last year's services NSF Lube performed 466 200 oil changes last year. It had budgeted 435,600 oil changes, averaging 12 minutes each Standard variable labor and support costs per oil change were as follows Osrett oil specialist services: 12 minutes at $27 per hour Variable support staff and overhead: 10.5 minutes at 316 per hour 55.40 2. Fixed overhead costs: Annual budget $1039,600 Fixed overhead is applied at the rate of $2.40 per oil change Actual oil change costs Direct of specialist services 166,200 changes averaging 15 minutes at $0 per hour Variable support staff and overheads 0.26 Laber-hours at $15 per hour 466,200 changes Fived overhead $3,030,300 1,398,600 1,470,000 Required: 6. Prepare a cost vanance analysis for each variable cost for last year b. Prepare a fixed overhead cost Variance analysis complete this question by entering your answers in the tobs below. Required A Required Prepare a cont variance analysis for each variable cost for last year indicate the effect of each variance by selecting for favorable, or "u for unfavorable. If there is no effect, do not let other option) Pace Variance Efficiency Varic Total Variance Todas NSF Lube is a fast-growing chain of oil change stores. The following data are available for fast year's services. NSF Lube performed 466,200 oil changes last year. It had budgeted 435,600 oil changes, averaging 12 minutes each Standard variable labor and support costs per oil change were as follows Direct oil specialist servicest 12 minutes at $27 per hour Varlable support staff and overhead: 10.5 minutes at 516 per hour $5.40 2.00 Fixed overhead costs Annual budget $1039,600 Fixed overhead is applied at the rate of $2.40 per oil change, Actual or change costs Direct on specialist services 466,200 changes averaging 13 minutes at $0 per hour Variable support staff and overhead: 0.20 sbor hours at 315 per hour 460,200 changes Fixed overhead $3,010,300 1.393.600 3,420,000 Required: o. Prepare a cost variance analysis for each variable cost for last year b. Prepare a fixed overhead cost variance analysis. Complete this question by entering your answers in the tabs below. Required Required Prepare a cost variance analysis for each variable cost for last year. (Indicate the effect of each variance by selecting for favorable, or for unfavorable there is no effect, do not select either option) Price Variance Etficiency Variance Total Variance Oil specialist Variable overhead Required B Fixed overhead costs Annual budget $1039,600 Fixed overhead is applied at the rate of $2.40 per oil change. Actual oil change costs: Direct oil specialist services: 466.200 changes averaging 13 minutes at $30 per hour Variable support staff and overhead: 0.20 Labor-hours at $15 per hour 466,200 changes Fixed overhead 53,030,300 1,398,600 2.470,000 Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis, Complete this question by entering your answers in the tabs below. Required Required B Prepare a fixed overhead cost variance analysis. Indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effect Price variance Production volume variance Foed overhead cost variance