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Click the icon to view the information.) Premium allocates manufacturing overhead to production based on standard direct labor hours. Premium reported the following actual results for 2024 actual number of units produced, 1,000 actual variable overhead, $3,800; actual fixed overhead, $3,500: actual direct labor hours, 1,200. Read the requirements Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances Begin 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 (U). (Abbreviations used: AC actual cost; AQ - actual quantity: FOH = fixed overhead, SC - standard cast, SQ standard quantity, VOH = variable overhead) Formula Varianco VOH cost variance VOH officiency varianco 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 in favorable (F) or unfavorable (U). (Abbreviations used: AC actual cost; AQ - actual quantity, FOH = fixed overhead: SC standard cost SO standard quantity) Formula Variance FOH cost variance FOH volume variance Requirement 2. Explain why the variances are favorable or unfavorable The variable overhead cost variance is because the actual cost per direct labor hour was than the standard cost per direct labor hour. The variable overhead officiency variance in because management used direct labor hours than standard and variable overhead is applied (incurred) based on direct labor The fixed overhead cost variance is because the total fixed overhead cost was than the amount budgeted for total fixed overhead. The fixed overhead volume variance is because total fixed overhead cost allocated to units was than the total budgeted fixed overhead cost X Data table e is Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,300 $3,450 1,150 hours 575 units 2 hours per unit Print Done