Please complete all parts of the problem with explanations if possible. Thank you.

E23-20 (similar to) Question Help Best Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Best Fender allocates manufacturing overhead to production based on standard direct labor hours. Best Fender reported the following actual results for 2018: actual number of fenders produced, 20,000; actual variable overhead, S6,100actual fixed overhead, $29,000, actual direct labor hours, 400. Read the requirements. Requirement 1. Cornpute the overhead variances for the year: variable overhead cosi variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance Begin with the variable overhead cost and efficiency variances. Select the required formules, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (You may need to Simply the formula based on the data provided. Abbreviations used: AC = aclual cost: AQ = actual quantity, FOH = fixed overhead; SC = standardi cost; SQ = standard quantity; VOH = variable overhead.) Formula Variarice VOH cost variance VOH efficiency variance = = Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts 5 remaining Clear All Check Answer Data Table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units $ 3,500 $ 28,000 700 hours 28,000 units 0.025 hours per fender Standard direct labor hours Print Print Done Done i Requirements 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Print [ Done] Print Done