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Premium Inc uses a standard cost system and provides the following Information (Click the icon to view the information) Promium allocates manufacturing overhead to production based on standard direct labor hours Premium reported the following actories for 2020 cu of units produce 10.30 actual bed overhead, 53,500, actual direct labor hours, 1800 Read the comments Requirement 1. Compute the variable overhead cost and efficiency variances and feed overhead cast and volume van Begin with the variable overhead cost and efficiency variances Select the required formules compute the variabile ved contundency variations and ently whater each variance trvale or favor (Abbreviations used. AC = actual cont. AD = actual quantity. FOH = fond ownhoud SC landard cou So standard quantity, VOH we had Formato Variante VOH con variance VOH efficiency variance n. cos (AC - SC) AQ for 2c ng (AC - SC) SQ ictu (AQ - SQ) * AC (AQ - SQ) > SC Actual FOH - Allocated FOH aria ad ed dc Actual FOH - Budgeted FOH al c Bugeted FOH - Allocated FOH ad V M 11 $2,300 $3,450 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units 1,150 hours 575 units Standard direct labor hours 2 hours per unit Print Done 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable