Best Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) BestFender allocates manufacturing overhead to production based on standard direct labor hours. BestFender reported the following actual results for 2024 actual number of fenders produced, 20,000actual variable overhead, $4,420 actual fixed overhead, \$29,000actual direct labor hours, 400 . 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.) Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC= actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost;SQ= standard quantity.) Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) 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 because management spent than budgeted for the actual production. The variable overhead efficiency variance is because management used direct labor hours than standard and variable overhead is applied (incurred) based on direct labor. The fixed overhead cost variance is because management spent than the amount budgeted for fixed overhead. The fixed overhead volume variance is because management allocated fixed overhead to jobs than was budgeted. Best Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) BestFender allocates manufacturing overhead to production based on standard direct labor hours. BestFender reported the following actual results for 2024 actual number of fenders produced, 20,000actual variable overhead, \$4,420actual fixed overhead, \$29,000actual direct labor hours, 400 . Read the ceguirements. 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