Homework: Ch 23 HW Problem Save Score: 0 of 7 pts 1 of 1 (0 complete) HW Score: 0%, 0 of 7 pts E23-20 (book/static) Question Help ve Mason Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Mason Fender allocates manufacturing overhead to production based on standard direct labor hours. Mason Fender reported the following actual results for 2018: actual number of fenders produced, 20,000; actual variable overhead, $5,350; actual fixed overhead, $26,000; actual direct labor hours, 460. ve va Read the requirements. ma F 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 variance Data Table $ 2,300 Static budget variable overhead Static budget fixed overhead $ 23,000 575 hours Static budget direct labor hours Static budget number of units 23,000 units Standard direct labor hours 0.025 hours per fender Ek Check Answer. ? Print Done Final Check