QUESTION 8 THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-10 Quiz Company determined the following standards on January 1 Direct materials Direct labor Variable overhead Fixed overhead 5 lbs per unit 0.75 DL hrs. per unit 0.75 DL hrs per unit 0.75 DL. hrs per unit $2.00 per lb. $18.00 per DL hr $3.00 per DL hr $400 per DL hr The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as followed Units produced Direct materials purchased Direct materials used Direct labor Variable overhead Fixed overhead 53,000 units 274.000 lbs at $2.50 per Ib. 270,300 lbs 40 100 DL hrs. at $17.95 per DL.hr S122,000 $161700 Note For each variance, the first blank will be the dollar amount of the variance. Give your answer using dollar signs and communs but no decimal points (cents label the variance as either favorable or unfavorable Example $12,345 Favorable Determine the fixed overhead volume variance, and Label the variance as either favorable or unfavorable