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

E23-20 (similar to) Question Help O Grand Fender uses a standard cost system and provide the following information: (Click the loon to view the Information.) Grand Fender allocates manufacluring overticad to production based on slancard direct labor hours. Grand Ferider reporlod the following actual results for 2018: actual number of lenders produced, 20,000; actual variable overhead, $5,250; actual fixed overhead, S28,000; actual direct labor hours, 440. Read the requirements. Requirement 1. Compute the overhead varlances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead coat varlance, and fixed overhead volume variance. Begin with the variable overhead cost and efficiency variances. Select the required formulas, 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 = actual cost: AQ = actual quantity, FOH = fixed overhead: SC = standard cost: SQ = standard quantity: VOH = variable overhead.) Formula Variance 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 $ 4,608 $ 23,040 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units 576 hours 24,000 units Standard direct labor hours 0.024 hours per fender Print Done A 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