Grand Fender 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 2018 actual number offenders produced, 20,000, actual variable overhead, 56,100 actual fred overhead, 535,000, actual direct labor hours, 140 Read the requirements Requirement 1. Compute the overhead variances for the year variable overhead con variance variable overhead officiency variance, fed overhead covariance, and feed overhead volume variance Begin with the variable overhead cost and licency variances Select the required formules compute the variable overhead cost and efficiency variances and Identity whether each variance in favorable (F) or unfavorabite (U) (You may need to simply the formula based on the data provided Abbreviations used AC actual contactual quantity, FOHBred overhead, SC standard cost standard quantly. VOH = valable overhead) Formula Variance VOH Cotrance (ADS)XAG Data Table VOH officiency variance Hasa) x MC Requirements Static budget variable overhead Static budget fixed overhead Static budget direct bor hours Static budget number of units Standard direct labor hours $ 5.425 $ 31000 775 hours 31,000 0.025 hours par fender Choose from any stor enter any number in the 1. Compute the overhead variance for the year vale overhead cost variance variable overhead officiency variance forced overhead cost variance and fred overhead volume variance 2. Explain why the variances are favorable or unfavorable Darts