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Quality Fender uses a standard cost system and provide the following information: .: (Click the icon to view the information.) Quality Fender allocates manufacturing overhead to production based on standard direct labor hours. Quality Fender reported the following actual results for 2018: actual number of fenders produced, 20,000; actual variable overhead, $5,200; actual fixed overhead, $32,000; actual direct labor hours, 360. Read the requirements. Formula VOH cost variance = (AC-SC) XAQ (AQ - SQ)X SC Variance 2318U 960 F VOH efficiency variance = 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 is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Bugeted FOH - Allocated FOH Bugeted FOH - Allocated FOH Variance 8960 U FOH cost variance FOH volume variance = = Requirement 2. Explain why the variances are favorable or unfavorable. The variable overhead cost variance is because management spent than budgeted for the actual production. because management used V direct labor hours than standard and variable overhead is applied The variable overhead efficiency variance is (incurred) based on direct labor. The fixed overhead cost variance is because management spent than the amount budgeted for fixed overhead. The fixed overhead volume variance is because management allocated fixed overhead to jobs than was budgeted. Choose from any list or enter any number in the input fields and then continue to the next question. i Data Table facola Suite the f amouche Leboncomoda d ido.th Requirements Static budget variable overhead Static budget fixed overhead Static budget direct labor hours $ 4,608 $ 23,040 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. 576 hours 24,000 units 0.024 hours per fender Static budget number of units Standard direct labor hours Print Done Print Done