Please explain answers, thanks.

Ceramics Etc. is a manufacturer of ceramic bottles. : (Click the icon to view the standards.) (Click the icon to view the actual results.) Requirements 1. Compute the total manufacturing overhead variance. What does this tell management? 2. Compute the overhead flexible budget variance. What does this tell management? 3. Compute the production volume variance. What does this tell management? Requirement 1. Compute the total manufacturing overhead variance. What does this tell management? Identify the formula labels and compute the total manufacturing overhead variance. (Enter the result as a positive number. Label the variance as favourable (F) or unfavourable (U).) Total overhead variance: Total overhead variance The company has these standards: Direct materials (clay) .............. . 1.3 kg per bottle, at a cost of $0.42 per kg Direct labour. ........... 1/5 hour per bottle, at a cost of $14.00 per hour Static budget variable overhead ........ $67,500 Static budget fixed overhead............. $29,700 Static budget direct labour hours......... 10,800 hours Static budget number of bottles.......... 48,000 Ceramics Etc. allocates manufacturing overhead to production based on standard direct labour hours. Last month, Ceramics Etc. reported the following actual results for the production of 68,000 bottles: Direct materials 1.4 kg per bottle, at a cost of $0.80 per kg Direct labour 1/4 hour per bottle, at a cost of $12.90 per hour Actual variable overhead ............... $92,000 Actual fixed overhead............... $26,500