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Great Fender uses a standard cost system and provide the following infermation: [7. (Cick the icon to view the information). Great Fender allocates manufacturing ovechead to producton based on standard diect labor hours. Great Fender reported the following actual results for 2024 i actual number of fenders produced, 20,000 , actual variable overhead, $4,560, actual fixed overhead, $34,000, actual diect labor hours, 450 . Read the requirements Requirement 1. Compute the cverhead variances for the year: varuble overtead cost variance, variable overhoad officiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin with the variable cverthead cost and eficiency vartances. Select the required formulas, compute the variable ovethead cost and officiency variances, and idensty whether each variance is tavorable (F) or untavorabio (U) (You may need to simply the formula based en the data providod. Abbreviatons used: AC = actual cost; AQ = actual quantiy: FOH o ficod overhead; SC = standard cost; SO= standard quantiy, VOH = varable overhead) Now compute the fived everhead cost and volume variances. Select the required formulas, compute the fxed overthead cost and volume variancos, and identy whether each variance is Requirement 2 Explan why the variances are favorable of unfavorable The variable overhead cost variance is because management spem than budgeted for the actial production. The variable overthead efficency variance is because management used Erect labor hours than standard and varisble overhead is appled (incurred) based on direct laber. Greet Fender uses a standard cost systern and provide the following information: (Click the icon to view the information) Great Fender allocates manutacturing overhead to production based on standard direct labor hours. Great Fender reported he following actual resifts for 2024 : actual number of fenders probuced, 20,000; actual variable overhesd, $4,560; actual fixed cierhead, 534,000 ; actual direct labor hours. Grea 450 : Read the fequirements. Data table