Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance FOH cost variance = Actual FOH - Budgeted FOH = 34000 FOH volume variance = Bugeted FOH - Allocated FOH = Help me solve thisDemodocs example Get more help pop-up content starts Data table Static budget variable overhead $3,640 Static budget fixed overhead $29,120 Static budget direct labor hours 728 hours Static budget number of units 26,000 units Standard direct labor hours 0.028 hours per fender