Quality Fender is a competitor of Quality Fender. Quality Fender also uses a standard cost system and provide the following information: (Click the icon to view the information.) Quality Fender allocates manufacturing overhead to production based on standard direct labor hours. Quality Fender reported the following actual results for 2016: actual number of fenders produced, 20,000; actual variable overhead, $4,730; actual fixed overhead, $29,000; actual direct labor hours, 370 . Read the requirements. Requirement 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. 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.) 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. VOHcostvarianceVOHefficiencyvarianceFormulaActualVOH-(ACSQ)ActualVOH(SCAQ) VOHcostvarianceVOHefficiencyvariance(AC-SC)AQ(AC-SC)SQ(AQ-SQ)AC(AQ-SQ)SCActualFOH-AllocatedFOHActualFOH-BudgetedFOHBugetedFOH-AllocatedFOHFormula= Variance = =