Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed beiow.] Sedona Company set the fallawing standard costs for ane unit of its product for this year. The $6.80($4.60+$2.20) tatal averhead rate per direct labor hour (DLH) is based on a predicted activity level of 42,000 units, which is 75% of the factory's capacity of 56,000 units per month. The following manthly flewble budget information is available. During the current month, the company operated at 70% of capacity, direct tabor of 371,000 hours were used, and the following actual overhead costs were incurred Exercise 21-27A (Algo) Computing total variable and fixed overhead variances LO P5 1. Compute the total variable overhead variance and identify it as favorable or unfavorable. (Indicate the etfect of the variance by selecting favorable, unfavorable, or no variance.) 2. Compute the tatal fbed overhead variance and identify it as favorable or unfavorabie. (indicate the effect of the varlance by selecting favorable, unfavorable, or no variance.)