Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin by selecting the formulas needed to compute the variable overhead (voH) and fixed overhead (FOH) variances, and then compute each variance amount. Actual overhead (Actual hours x Standard price) VOH cost variance (Actual hours Standard hours allowed) x Standard price VOH efficiency variance FOH cost variance Actual overhead Budgeted overhead Budgeted overhead Allocated overhead FOH volume variance