Required Information The following information sgoiles to the questions displayed below. Sedons Company set the following standard costs for one unit of the product for this year. Direct material (20 Ibs. $2.50 per tb.) Direct labor (10 hrs. $22.00 per hr.) Variable overhead (10 hrs. $4.00 per hr.) Fixed overhead (10 hrs. @ $1.58 per hr.) Total standard cost $ 56.ee 22e.ee 40.ee 16.ee $326.ee The $5.60 $4.00 - $1.60) total overhead rste per direct labor hour is based on an expected opersting level equal to 75% of the factory's capacity of 50,000 units per month. The following monthly flexible budget Information is also available. Operating Levels (X of capacity) Flexible Budget 75% Budgeted output (units) 35,eee 37,500 40.ee Budgeted labor (standard hours) 358,00 375, eea 400,eee Budgeted overhead (dollars) Variable overhead $1,400,eee $1,sea,eee $1,609, een Fixed overhead 602.ee 602.ee Total overhead $2,000,eee $2,100,000 $2,200, eee During the current month, the company operated at 70% of capacity, employees worked 340,000 hours, and the following actual overhead costs were incurred. Variable overhead costs $1,375,00 Fixed overhead costs 628,600 Total overhead costs $2,023,608 (1) Compute the predetermined overhead application rate per hour for total overhead, variable overhead, and find overhead Predetermined OH Rato Variable overhead costs Fbed overhead costs Total overhead coas 12) Compute the total variable and total feed overhead variances and closely 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) ----At 70% of Operating Capacity Standard DL Overhead Costa Aptual Results Hours Applied Variance Fav./unt. Variable overhead costs Fbed overhead costs Total overhead costs