Required information [The following information applies to the questions displayed below] Sedona Company set the following standard costs for one unit of its product for this year. The $6.80($4.60+$2.20) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 42,000 units, which is 75% of the factory's capacity of 56.000 units per month. The following monthly fiexible budget information is available. During the current month, the company operated at 70% of capacity, direct labor of 371,000 hours were used, and the following actual overhead costs were incurred. 1. Compute the total variable overhead variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by. selecting favorable, unfavorable, or no variance.) 2. Compute the total fixed overhead variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) During the current month, the company operated at 70% of capacity, direct labor of 371,000 hours were used, and the following actual overhead costs were incurred. 1. Compute the total variable overhead variance and identify it as favorable or unfavorable. (indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) 2. Compute the total fixed overhead variance and identify it as favorable or unfavorabie. (indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)