Best Fender uses a standard cost system and provide the following information: Click the icon to view the inlormation.) Eest Fender allocates manufacturing overthead to production based on standard direct laboe bours. Best Fender reported the following actual results for 2024 : actual number of fenders produce 20,000 ; actual variable overhead, $4,610; octual foced overhead, $29,000, actual direct labor hours, 430 . Read the requirements. standard cost; SO= standard quantity, VOH= variable overhead, Now compute the fixed overthead cost and volume variances. Select the required formutas, compute the fued overtiead cost and volume variances, and identify whecher each variance is fivorable ( F ) or unfavorable (U), (Aboreviations used: AC= actual cost; AO= actual quantly; FOH= fored overthead, SC= standard cost, SQ= standard cuantity) Requirement 2. Explain why the variances are favorable or untavorable. The variable overhead cost variance is The variable overtiead efficiency variance is The fixed overhead cost variance is The fixed overhead volume variance is \begin{tabular}{l|l|l|} oravie iv) \\ tandard qu \end{tabular} overhead, $4,610; actual fixed overhead, $29,000; actual direct labor hours, 430 . 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