Bonus Question ( 8 bonus points possible) Layt Clock Company has developed the following flexible budget for its overhead costs. The standard hours allowed per unit is 1.2 hours. Manufacturing overhead at Layt is applied to production on the basis of standard machine-hours: The actual results for the year were as follows: Required: 1. Compute Variable Overhead Rate Variance. 2. Compute Variable Overhead Efficiency Variance. 3. Compute Fixed Overhead Budget Variance. 4. Compute Fixed Overhead Volume Variance