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 $3.50($2.30+$1.20) total overhead rate per direct labor hour (DLH) is based on a predicted actlvity level of 37,100 units, which is 70% of the factory's capacity of 53,000 units per month. The following monthly flexible budget information is avallable. During the current month, the company operated at 65% of capacity, direct labor of 652,000 hours were used, and the following actual overhead costs were Incurred. 1. Compute the total varlable overhead varlance and Identify It as favorable or unfavorable. (Indlcate the effect of the varlance by selecting favorable, unfavorable, or no varlance.) 2. Compute the total fixed overhead varlance and Identify It as favorable or unfavorable. (Indlcate the effect of the varlance by selecting favorable, unfavorable, or no varlance.)