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 foll fenders produced, 20,000; actual variable overhead, $5,350; actual fixed overhead, $26,000; actual direct labor hours, 460. Read the requirements. Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance variance. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and favorable (F) or unfavorable (U). (You may need to simply the formula based on the data provided. Abbreviations used: AC = actual co standard cost; SQ = standard quantity; VOH = variable overhead.) VOH cost variance Formula = Actual FOH - Allocated FOH VOH efficiency variance = Actual FOH - Allocated FOH II 11 Variance