Grand Fender is a competitor of Pro Fender. Grand Fender also uses a standard cost system and provide the following information: (Click the icon to view the information.) 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 Read the requirements Requirement 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 Begin with the variable overhead cost and efficiency variances. Select the required formulas compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U) (Abbreviations used AC actual cost AQ-actual quantity; FOH fixed overhead. SC= standard cost. SQ-standard quantity: VOH variable overhead) Formula Variance VOH cost variance VOH efficiency variance 20