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. Direct material (30 lbs. @ $2.50 per Ib.) Direct labor (20 hrs. @ $4.80 per hr.) Variable overhead (20 hrs. @ $2.30 per hr.) Fixed overhead (20 hrs. @ $1.20 per hr.) Total standard cost $ 75.ee 96.00 46.00 24.ee $241.00 The $3.50 ($2.30 + $1.20) total overhead rate per direct labor hour is based on an expected operating level equal to 70% of the factory's capacity of 53,000 units per month. The following monthly flexible budget information is also available. Operating Levels (% of capacity) 65% 70% 75% 34,450 37,100 39,750 689,eee 742,eee 795,000 Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) Variable overhead Fixed overhead $1,584,700 890, 400 $2,475,100 $1,706,600 890,400 $2,597,000 $1,828,500 890,400 $2,718,900 Total overhead During the current month, the company operated at 65% of capacity, employees worked 652,000 hours, and the following actual overhead costs were incurred. Variable overhead costs Fixed overhead costs $1,525,000 954,000 $2,479,000 Total overhead costs 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 variar "Rate per unit" to 2 decimal places.) Actual Variable OH Cost Flexible Budget Standard Cost (VOH applied) 0 $ 0 Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting unfavorable, and no variance. Round "Rate per unit" to 2 decimal places.) Actual Fixed OH cost Fixed OH (Fixed Budgeted) Standard Cost (FOH applied) S 0 0 Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllable Variance Controllable variance