ork: Chapter uestion 6, E23-20 (simil... Part 1 of 6 HW Score: 0%, 0 of 50 points O Points: 0 of 1 Save All-Star Fender uses a standard cost system and provide the following information: Next Question (Click the icon to view the information.) All-Star Fender allocates manufacturing overhead to production based on standard direct labor hours. All-Star Fender reported the following actual results for 2018 actual number offenders produced, 20,000; actual variable overhead. $5,600; actual fixed overhead. $32,000, actual direct labor hours, 480 Read the requirements Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency varianon, fixed overhead cost variance and fixed overhead volume variance Bogin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances and identity whether each variance is favorable (F) or unfavorable (O). You may need to simply the formules based on the data provided. Abbreviations used. Ad actual costa actual quantity: FOMPixed overhead: SC standard cost: SQ standard quantity: VOH winable overhead. Formula Variance VOH cost Variance Data Table VOH efficiency variance $3840 X Requirements Static budget variable overhead Statie budget fixed overhead Static budget direct labor hours Statie budget number of units Standard direct labor hours $29,120 728 hours 28 000 units 0.028 hours per fonder 1. Compute the overhead vanances for the year: variable overhead cost variance, variable overhead officiency variance, fixed overhead cost variance, and fixed overhead volume variance 2. Explain why the variances are favorable or unfavorable Print Done VUUR WOW Print Done PS dtv RAA