Homework: Homework MB8 The following information relates to Longman Inc's everhead costs Click the lom to view the information) Requirements ek mtatem Part 2 of Points: 3.75 of 15 Save 1. Compute the overhead variances for the month valable overhead cost variance variable overhead efficiency valanced overhead cost variance, and feed bead vac 2. Explain why the variances are favorable or unfavorable Requirement 1. Compute the overhead variances for the month variable overhead cost valance, valable overhead efficiency variance Sed oveted cast valance, and feed wheat me Degin by selecting the termulas needed to compute the variable overhead (VOH) and fed overhead of OH) variances and then compute sach valance amou (Actual cest-Standent cost) Actual hours Actual hours-Standed hos alowed) Standard cost Actual head-Bodge overhead Budged overhead Alocated overheat VO contrace VOH eficiency variance FORE t valance FOM volume variance