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Data table The May 2024 revenue and cost informasion for Austin Outiaters, Inc. follows: (Click the icon to view the revenue and cost information) Prepare a standard cost income statement for management through gross proft. Report all standard cost variances for managemenis use. Has management done a good or poor job of controlling costs? Explain. (Use a minus sign or parentheses to enter any coetra expenses. Enter all other amounts as positive numbers.) Data table Deluxe Fender uses a standard cost system and provide the following information (Click the icon to view the information) Deluxe Fender alocates manufacturing overhead lo production based on standard direct labor hours. Deiuxe Fender reported the following actual tesults for 2024 actual number of lenders produced, 20,000, actual variable overhead, 55,700 , actual fixed overhead, 535,000 , actual direct labor hours, 470, Read the reguirements Requirement 1. Compute the overhead variances for the year variable overhead cost variance, variable overhead eficiency variance, fixed overhead cost variance, and foxed averhead volume variance. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compuso the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (You may need to simply the lormula based on the data provided ABbreviations used AC= actual cost, AQ= actual quantiy, FOH = fixed overhead, SC= standard cest, 50 s standard quanthy, VOH = variable overhead) Requirements jency variance, 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