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 reported the following actual results for 2024: actual number of fenders produced, 20,000; actual variable overhead, $5,250; actual fixed overhead, $32,000; actual direct labor hours, 440. 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). (You may need to simply the formula based on the data provided. 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 varianceData table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $4,608 $23,040 576 hours 24,000 units 0.024 hours per fender X Requirements 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.Great Fender uses a standard cost (Click the icon to view the inform Great Fender allocates manufacturi (AC - SC) x AQ dir actual number of fenders produced, tua (AC - SC) x SQ Read the requirements. (AQ - SQ) x AC D- (AQ - SQ) x SC Requirement 1. Compute the overt CO and fixed overhead volume variance Actual FOH - Allocated FOH Begin with the variable overhead co d fc identify whether each variance is fa: Actual FOH - Budgeted FOH to cost; AQ = actual quantity; FOH = fi Bugeted FOH - Allocated FOH Va VOH cost variance VOH efficiency variance