All - Star Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) All - Star Fender allocates manufacturing overhead to production based on standard direct labor hours. All - Star Fender reported the following actual results for 2024: actual number of fenders produced, 20,000; actual variable overhead, $6,100; actual fixed overhead, $27,000; actual direct labor hours, 410 . Read the Requirements 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. variance. standard cost; SQ= standard quantity; VOH= variable overhead.) Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 1. Compute the ov variance. Begin with the variable overhead favorable (F) or unfavorable (U). standard cost; SQ= standard gu: (AQSQ)SC overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volum e required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance ased on the data provided. Abbreviations used: AC= actual cost; AQ= actual quantity; FOH= fixed overhead; SC= Requirement 2. Explain why the variances are favorable or unfavorable. The variable overhead cost variance is The variable overhead efficiency variance is The fixed overhead cost variance is The fixed overhead volume variance is because management spent because management used than budgeted for the actual production. direct labor hours than standard and variable overhead is applied (incurred) based on direct labor. because management spent because management allocated than the amount budgeted for fixed overhead. fixed overhead to jobs than was budgeted. Zhoose from any list or enter any nur Is and then continue to the next question. Requirement 2. Explain why the variances are favorable or unfavorable. The variable overhead cost variance is The variable overhead efficiency variance is The fixed overhead cost variance is The fixed overhead volume variance is because management spent because management used than budgeted for the actual production. direct labor hours than standard and variable overhead is applied (incurred) based on direct labor. because management spent because management allocated than the amount budgeted for fixed overhead. fixed overhead to jobs than was budgeted. Choose from any list or enter any number in the input fields and then continue to tl less on. more