Bargain Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) actual fixed overhead, $34,000; actual direct labor hours, 440 . Read the requirements. Requirement 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. 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.) Data table 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