Requirement 2 drop down options are:

unfavorable / favorable more / less favorable / unfavorable fewer / more unfavorable / favorable more / less unfavorable / favorable less / more

Grand Fender uses a standard cost system and provide the following information: EB (Click the icon to view the information.) Grand Fender allocates manufacturing overhead to production based on fixed overhead, $31,000: actual direct labor hours, 420. hours G Grand Fender reported the folilowing actual results for 2018: actual number of fenders produced, 20,000; actual variable overhead, $4,610; actual llocas manufacturingerhad to roduction based on Read the requirements vananoe, fixed overhead cost variance, and fxed overhead volume variance. 1. Compute the overhead variances for the year variable overhead cost variance, variable overhead efficiency Begin with the variable overhead cost and efficiency variances, Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is ta simply the formula based on the data provided. Abbreviations used: AC actual cost AQactual quantity, FOH fixed ovarhead sc standard cost: SQ standard quanbty orable (F) or unfavorable (U). (You may need to VOH variable overhead.) Variance Formula VOH cost variance VOH efficiency variance Now comp ute the ed owe head cost and vol me var ances b r ations used C y whether each variance is a orable E or untvorable u ove head cos and volume variances, and den elect the required n las compute he xe actual cost; AQ actual quantity, FOH fxed overhead: SC standard cost; SQ -standard quantity) Formula Variance FOH cost variance FOH volume variance Requirement 2. Explain why the variances are favorable or unfavorable. The variable overimead cost variance is The variable overhoad cost vananceis because management snthan budgeted for the actual production | because management used w/ because management spent | because management allocated direct labor hours than standard and variable overhead is applied (incurred) based on direct labor The vanabie overhead efficiency variance is The fixed overhead cost variance is than the amount budgeted for fixed overhead. i Data Table The fixed overhead volume variance is | fixed overhead to jobs than was budgeted Static budget variable overhead $ 4,608 Static budget fixed overhead 23,040 Static budget direct labor hours Static budget number of units Standard direct labor hours 576 hours 24,000 units Choose from any list or enter any number in the input fields and then continue to the next question 0.024 hours per fender