Bargain Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Bargain Fender allocates manufacturing overhead to production based on standard direct labor hours. Bargain Fender reported the following actual results for 2024: actual number of fenders produced, 20,000; actual variable overhead, 56,100; actual fixed overhead, $35,000, actual direct labor hours, 360. 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. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (You may need to 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.) Formula Variance VOH cost variance VOH efficiency variance Requirements Data table 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. Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours S3,640 S29,120 728 hours 26,000 units 0.028 hours per fender Print Done ( Print Done Complete the flexible budget variance analysis by filling in the blanks in the partial flexible budget performance report for 7,000 travel locks for Gianni, Inc. (Click the icon to view the report.) (For variances with a $0 value, make sure to enter "0" in the appropriate cells.) Gianni, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2024 Actual Flexible Budget Results Variance 7,000 Flexible Budget 7,000 Units Sales Revenue $ $ 105,000 52,100 91,000 49,800 Variable Costs Contribution Margin 52,900 41,200 15,800 15,300 Fixed Costs $ 37,100 $ 25,900 Operating Income Data table Gianni, Inc. Flexible Budget Performance Report (partial) For the Month Ended April 30, 2024 Actual Flexible Budget Results Variance Units 7,000 (a) Sales Revenue $ 105,000 (b) (c) $ Flexible Budget 7,000 91,000 Variable Costs 52,100 (d) (e) 49,800 Contribution Margin 52,900 (1) (g) 41,200 Fixed Costs 15,800 (0) 15,300 (h) 6) $ Operating Income 37,100 (k) $ 25,900