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Learning Objective 4 E23-20 Computing overhead variances Grand Fender is a competitor of Pro Fender from Exercise E23-19. Grand Fender also uses a standard cost system and provides the following information: 1 FDH Vol. Vor $1,7200 Static budget varable overtread Static budget fixed overhead Statc budget direct labor houts Static budget number of units Standard direct labor hours $ 5630 $22.520 563 hours 21,000 units GZH CET CAU THEP Grand Fender allocate manufacturing overhead to production based on standard direct labor hours. Gaand Fender reported the following actual results for 2016 cual number offenders produced, 20.000; actual variable overlica, $5.2017, actual fixed overhead, $24,000actual direct labor hours, 480 Requirements 1. Compute the overhead variances for the year: variable overhead cost variance variable overhead efficiency variance, fixed overhead cost variance, und fixed overheid volume variance. 2. Explain why the variances are favorable or unfavorable 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. Solution: Requirement 1 Standard VOH Allocation Rate = Budgeted VOH / Budgeted Allocation Base = Standard FOH Allocation Rate VOH Cost Variance VOH Efficiency Variance FOH Cost Variance II II FOH Volume Variance