Requirements 1. Compute the overhead variances for the year. variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Inder allocates manufacturing overhead to production based on standard direct labor hours. Best Fender reported th produced, 20,000; actual variable overhead, $5,700; actual fixed overhead, $29,000; actual direct labor hours, 430 . requirements. Data table ement 1. Compu id volume varian ith the variable is favorable (F ) erhead; SC=st st variance ficiency varian Get more help * Best Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Best Fender allocates manufacturing overhead to production based on standard direct tabor hours. Best Fender roported the following actual results for 2024 actual number of fenders produced, 20,000; actual variable overhead, $5,700; actual fixed overhead, $29,000; actual direct labor hours, 430. Read the requirements: Requirement 1. Compute the overhead variances for the year variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance overhead volume variance. Bogin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficioncy variances, and identify wticther each variance is favorable (F) or unfavprable (U). (You may need to simply the formula based on the data provided. Abbreviatlons used: AC = actual cost AQ= actual quanity. FOH = fixed overhead SC= standard cosst SQ= standard quantity, VOH = variable overhead.)