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: Static budget variable overhead 5,630, Static budget fixed overhead of $ 22,520, and Static budget direct labor hours 563 hours. Static budget number of units 21,000 units, standard direct labor hours 0.026 hours per fender. Grand Fender allocates manufacturing overhead to production based on standard direct labor hours. Grand Fender reported the following actual results for 2016: actual number of fenders produced, 20,000; actual variable overhead, $5,200; actual fixed overhead, $24,000; actual direct labor hours, 480. Requirements1. 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.per job include 10 software packages for $900 per package. Standard direct labor during March 2018. Actual direct materials costs for March included 90 software packages at a total cost of $81,450. Actual direct labor costs included 110 hours per job at an average rate of Requirements: 1. Calculate direct materials cost and efficiency variances. 2. Calculate direct labor cost and efficiency variances. 3. Prepare journal entries to record the use of both materials and labor for March for the company.