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 fender produced, 20,000; actual variable overhead, $5,800; actual fixed overhead, $31,000; actual direct labor hours, 370. Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $3,600 $24,000 600 hours 30,000 units 0.020 hours per fender Print Done - 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. Print Done -