Bargain Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) 20,000; actual variable overhead, \$4,960; actual fixed overhead, \$32,000; actual direct labor hours, 400. Read the requirements. variance. standard cost; SQ = standard quantity; VOH= variable overhead.) or unfavorable (U). (Abbreviations used: AC= actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost;SQ= standard quantity.) 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. 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. Data table er each v sred) bas Screenshot by Xnapper.com