Please show work for the answers I got wrong too, thanks!

Homework: ACC-260 Topic 4 Assignment Save Score: 9 of 20 pts 4 of 5 (4 complete) HW Score: 69%, 69 of 100 pts %E23-21 (similar to) Question Help Premium, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Premium allocates manufacturing overhead to production based on standard direct labor hours. Premium reported the following actual results for 2018: actual number of units produced, 1,000, actual variable overhead, $5,000; actual fixed overhead, $2,800; actual direct labor hours, 1,800. Read the requirements. CA Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency 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; VOH = variable overhead.) Formula Variance VOH cost variance (AC-SC)xAQ 2.300 U VOH efficiency variance (AQ - SQ)X SC $ 300 F 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 Variance FOH cost variance Actual FOH - Budgeted FOH $ 400 u FOH volume variance Bugeted FOH - Allocated FOH = $ 3.600 F Requirement 2. Explain why the variances are favorable or unfavorable. The variable overhead cost variance is because the actual cost per direct labor hour was than the standard cost per direct labor hour. i Data Table - X Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours Click to select your answer(s) and then click $ 1,200 $ 2,400 800 hours 400 units 2 hours per unit 3 parts remaining Check