Required Information [The following Information applies to the questions displayed below.] t 1 of 2 Sedona Company set the following standard costs for one unit of its product for this year. Direct material (30 lbs. @ $2.60 per Ib.) Direct labor (20 hrs. @ $4.70 per hr.) Variable overhead (20 hrs. @ $2.68 per hr.) Fixed overhead (20 hrs. @ $1.20 per hr.) Total standard cost $ 78.80 94.ee 52.00 24.ee $248.00 eBook The $3.80 ($2.60 + $1.20) total overhead rate per direct labor hour is based on an expected operating level equal to 60% of the factory's capacity of 61,000 units per month. The following monthly flexible budget Information is also available. Hint Operating Levels (% of capacity) 55% 60% 65% 33,550 36,680 39,650 671,800 732,000 793,800 Print Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) Variable overhead Fixed overhead Total overhead $1,983,200 878, 4ee $2,781,689 $2,061,820 878,480 $2,949, 280 $2,623,200 During the current month, the company operated at 55% of capacity, employees worked 652,000 hours, and the following actual overhead costs were incurred. Variable overhead costs Fixed overhead costs Total overhead costs $1,714,800 918,888 $2,632,800 (1) Compute the predetermined overhead application rate per hour for total overhead, variable overhead, and fixed overhead. Predetermined OH Rate Variable overhead costs Fixed overhead costs Total overhead costs (2) Compute the total variable and total fixed overhead variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable and no variance. Round "Rate per hour answers to 2 decimal places.) Standard DL Hours --------At 55% of Operating Capacity------- Overhead Costs Actual Results Variance Applied Fav./Unf. Variable overhead costs Fixed overhead costs Total overhead costs Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per unit" to 2 decimal places.) Actual Variable OH Cost Flexible Budget Standard Cost (VOH applied) Required 1 Required 2 > Required 1 Required 2 Required 3 Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per unit to 2 decimal places.) Actual Fixed OH cost Fixed OH (Fixed Budgeted) Standard Cost (FOH applied) 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllable Variance Controllable variance