Quality, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Quality allocates manufacturing overhead to production based on standard direct labor hours. Quality reported the following actual results for 2024: actual number of units produced, 1,000; actual variable overhead, $5,000; actual fixed overhead, $3,500; actual direct labor hours, 1,300. Read the requirements . . . Formula Variance VOH cost variance 11 (AC - SC) x AQ = $ 2,400 U VOH efficiency variance = (AQ - SQ) x SC = $ 1,400 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 FOH volume variance =Quality, Inc FEE (Click - X Quality allo Data table lity reported the following actual results for 2024: actual number of actual direct labor hours, 1,300. Read the [ Static budget variable overhead $2,300 Static budget fixed overhead $3,450 Static budget direct labor hours 1,150 hours VOH cost Static budget number of units 575 units VOH effici Standard direct labor hours 2 hours per unit Now comp te the fixed overhead cost and volume variances, and identify wh al cost; AQ = actual quantity; FOH = fixed overhead; SC = stand Print Done FOH cost FOH volume variance