Required information Use the following information for the Exercises below. (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 (15 Ibs. @ $3.40 per Ib.) Direct labor (10 hrs. @ $9.70 per hr.) Variable overhead (10 hrs. @ $4.90 per hr.) Fixed overhead (10 hrs. @ $2.00 per hr.) Total standard cost $ 51.00 97.00 49.00 20.00 $ 217.00 The $6.90 ($4.90 + $2.00) total overhead rate per direct labor hour is based on an expected operating level equal to 70% of the factory's capacity of 59,000 units per month. The following monthly flexible budget information is also available. Operating Levels (8 of capacity) 65% 70% 75% 38,350 41,300 44,250 383,500 413,000 442,500 Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) Variable overhead Fixed overhead Total overhead $1,879, 150 826,000 $ 2,705, 150 $2,023,700 826,000 $2,849, 700 $2,168,250 826,000 $ 2,994,250 During the current month, the company operated at 65% of capacity, employees worked 365,000 hours, and the following actual overhead costs were incurred. Variable overhead costs Fixed overhead costs Total overhead costs $1,816,000 899,050 $ 2,715,050 Exercise 21-18A Computing and interpreting overhead spending, efficiency, and volume variances LO P5 AH = Actual Hours SH = Standard Hours AVR = Actual Variable Rate SVR = Standard Variable Rate 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. 3. Compute the controllable variance. 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)