Great Fender uses a standard cost system and provide the following information (Click the icon to view the information) Great Fender allocates manufacturing overhead to production based on standard direct labor hours. Great Fender riported the following actual results for 2024 actual number of fenders produced, 20 000 actual variable overhead $5,900, actual fixed overhead $32,000, actual direct labor hours, 400 Read the cements Requirement 1. Compuls the overhead variances for the year variable overhead cost valance, variable everhead efficiency valance, fed ad cost varlance, and fead se Begin with the variatis overhead cost and efficiency valances Select the reped formidas, compute the variable overhead cost and efficiency variances, and (You may need to singly the formula based on the data provided. Abbreviations ined AC actual cast AQ actual quantity VOH cist variance VOH efficiency variance Formule Variance quantity, VOH variable everhead) production based of actual direct labor h Data table s for the year variable ncy variances Select me data provided. Abbr Formula Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $1,566 $31,320 783 hours 29,000 units 0.027 hours per fender Print Done - X 4 actual number of fenders produced riance, and fixed overhead volume va identify whether each variance is faw ndard cost. SQ standard quantity, V duction based on standard direct labor hours. Great Fender reported the following actual results for 2024: actual number of fenders produc ual direc Requirements - X the year variances ata provid 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. nd fixed overhead volume v whether each variance is fa st. SQ standard quantity, V Formula Print Done