Promium Fonder uses a standard cost systecn and provide the folowing information: IIA (Click the ieon to viow the information) Premium Fender alocates manulacturing ovemead to production based on standard drect labor hours. Prerium Fender teported the following actual tesuls for 2024: actial number of lenders produced, 20,000, actual variable averitead, $6,100; actual fised overhead $28,000; actual drect laboe bours, 380 : Read the requitements. variance. Begin with the variable cvertead cost and effciency variances. Select the required formalas, compute the varibio ovorhead cost and efichnoy variances, and bdensly utiother aach variance is standard cont; $Q = standard quarksy: VOH = variablo overtead) Data table Requirements 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