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 2017 Direct material (20 Ibs. $2.18 per Ib) Direct labor (18 hrs. $8.88 per hr.) Factory variable overhead (18 hrs. $4.00 per hr.) Factory fixed overhead (18 hrs $1.80 per hr.) Standard cost 42. 88.00 18.00 $188.00 The $580 ($400 + S1.80) total overhead rate per direct labor hour is based on an expected operating level equal to 70 of the factory's capacity of 70,000 units per month. The following monthly flexible budget information is also available Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) 525,600 490,000 $1,820,0 $1,96,0 $2,100, 000 ixed overhead Total overhead 2, 782,0802,842,800 $2,9820 During the current month, the company operated at 65% of capacity, employees worked 43,000 hours and the folowing actual overhead costs were incurred Prey 2 Seved Variable overhead costs Fixed overhead costs Total overhead costs $1,765,00e 943,000 52,788,800 AH Actual Hours SH Standard Hours AVR Actual Variable Rate SVR Standard Variable Rate SFR Standard Flxed Rate Exercise 21-17 Computation of total variable and fixed overhead variances LO P3 1 Compute the predetermined overhead application 70% of capacity application rate per hour for variable overhead, foxed overhead, and total overhead at for vaiablie Variable overhead costs Faxed overhead costs Total overhead costs 2) Compute the total vaniable and total fxed overhead varances and classity each as tavorable or u Actual Standard DLOverhead Varlance Fav.iUnf Fxed overhead costh Total overhead costs 5 of 15 Score answer> Prey 8