Data table Gand Fender uses a standard cost cystem and previde the following informasion: (Cick the ieen to view the information) Grand Fender allocales manufacturing overteod to production based on sandard diect labor hours. Grand Fender reponted the folowing actual results for 2024 : actual number of fenders produced 20,000 ; actual varable overtead, \$5,250; actual foed overheod, $32,000; actual drect labor hours, 430 . Resd the reovirements Begin with the veriabin ovecheod cont and eficiency vaiances. Select the required foemulas, compute the variable overtead cost and efficiency variances, and identsy whether each variance is frvorable (F) or unfavorable (U). (You may need to simply the focmils based on the data provided. Abbrovialons used: AC = actial cost, AQ = actual quarity, FOH = fixed everhead, SC = standard cost SO = standard quanthy, VoH = variable overhesd.) Now compute the fired overhesd eost and volume variances Select the required fomples, comput the foced cverhead cost and volume variances, and identfy whether eoch variance is Requirement 2. Explain why the varances are favorable of unfwrorabie. The varable overhead cost varince is The vanobie qverhead eficiency variance is The fred overnead cost variance is The fred ccechead volume variance is because management spent becavse managenent ised than budgeted for the actial production: drect labor hours than standard and variable overhead is appled (incurred) based on direct labor. than the amount budgeted for fred overhesd because management alocated fred ovettead to jobs than was budgeled