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The cheque-clearing office of Pay Loans Company is responsible for processing all cheques that come to the company for payment. Managers at the company believe that variable overhead costs are essentially proportional to the number of labour hours worked in the office, so labour-hours are used as the activity base when preparing variable overhead budgets and performance reports. Data for October, the most recent month, appear below 1.380 Budgeted labour-hours Actual labour-hours Standard labour-hours allowed to the actual number of cheques processed 1.310 1.400 Coat Formula (per labour- houe) Actual Costa Incurred October Variable overhead costs ottice supplies Statt coffee lounge Indirect labour Total variable overhead cost $ 1.10 0.36 2.70 3.4.10 $1,391 463 2,900 $4,830 Fixed overhead at Pay Loans Company consists entirely of supervisory salaries and is applied at a rote of $6 per direct labour-hour, Actual fixed overhead costs totalled $6,200 in October, while the flexible budget was $6,000 for the month. Requirect Prepare an overhead performance report for October for the cheque-clearing office that includes both spending and efficiency variances for varioble overhead and the budget variance for fixed overhead. (Indicate the effect of each variance by selecting "F" for avolale, "U" for unfavourable, and "None" for no effect (.o., zero variance)) PAY LOANS COMPANY Overhead Performance Report For the Month Ended October 31 reakdown of the Total Variance Overhead costs Cost Actual Costs Flexible Flexible Formula Incurred for Budget Based Budget Based (per labour. 1,310 Labour on 1,310 on 1,400 hour) Hours Labour Hours Labour Hours Total Variance Spending (Budget) Variance Efficiency Variana $ 1.10 $ 0.30 2.70 1.391 463 Variable overhead costs: Office supplies Staff coffee lounge Indirect labour Total variable overhead cost Fixed overhead costs Supervisory salaries Rotal overhead cost 2.980 4,834 $ 4.10 $ 8,200 11,034 $