E23-20 (similar to) Question Holo Quality Fender uses a standard cost wstem and provide the following information Click the loon to view the information) Quality Fender alocates manufacturing overhead to production based on standard direct labor hours Quality Fender reported the following actual results for 2018 actual number of fonder produced, 20.000,act variable overhead. 54.420; actual fixed overhead, $27.000 actual direct labor hours, 360 Read the requirements Begin with the variable overhead cost and efficiency variances Select the required fomes, compute the variable overhead cost and licency variances, and identify whether och variance in favorabie For unfavorable (U). (You may need to simply the formula based on the data provided Abbreviations used: A lost actual quantity, FOH = fixed overhead: SC standardot 80 tard quantity =variable overhead) Formula Variance VOH cost variance (AC-SC)MAQ $ 2,200 VOH efficiency variance (AQ-SQ) SC 240 F Now compute the fixed overhead cost and volume variances Select the required formulas, compute the fixed overhead cost and volume variances, and dentity whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC actual costAQ - actual quantity: FOH = foed overhead, SC standard cost, so standard quantity:) Formula Variance FOH cost variance FOH volume variance Choose from any list of enter any number in the input fields and then click Check Answer Cor All Check Answer 4 parts remaining to production based on standard direct labor hours. Quality Fender reported the following actual results $27,000; actual direct labor hours, 360. ncy variances mula based Requirements Formula (AC - SC) A (AQ - SQ) S 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. me variances. = actual quanti Print Done Formula n the input fields and then click Check Answer. Clear All ction based on standard direct labor hours. Quality Fender reported the following actual result actual direct labor hours, 360. Data Table aces. Select ed on the da fiance fixe $3,600 ula $24,000 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units *AQ ) SC 600 hours 30,000 units 0.020 hours per fender and id Standard direct labor hours nces. Select the quantity: FOH la Print Done ut fields and then click Check