Layt Clock Company has developed the following flexible budget for its overhead costs. The standard hours allowed per unit is 1.2 hours. Manufacturing overhead at Layt is applied to production on the basis of standard machine-hours Budget Information Machine Hours Clocks produced.... Variable overhead cost per 26,400 machine hour (standard) $5.90 Fixed overhead cost per unit per machine hours (standard) S6.48 The actual results for the year were as follows Required: 1. 2. 3. 4. Compute Variable Overhead Rate Variance Compute Variable Overhead Efficiency Variance. Compute Fixed Overhead Budget Variance Compute Fixed Overhead Volume Variance