Requirements one and two please.

Premium, Inc. uses a standard cost system and provides the following information Click the icon to vw the information) Premium allocates manufacturing overhead to production based on standard dred labor hours Premium Toported the following actual results for 2018 actual number of units produced, 1000, actual variable overhead, 52 400 actual fixed overhead $2,700. actual direct labor hours 1,400 Read the tourments Requirement 1. Compute the variable overhead cost and officiency variances and fixed overhead cost and volume variances Bogin with the variable overhead cost and officiency variances Select the required formulas computo the vanable overhead cost and officiency vainances, and identity whether each variance is favorable (F) or unfavorable (U) (Abbreviations used AC actual cos. AQ actual quantity FOHfixed overhead, SC Standard COST SQ = standard quantity, VOH = vanable overhead Formula Variance VOH cost variance VOH efficiency variance Now compute the food overhead cost and volumo variances Select the required formulas, compute the fixed overhead cost and volume variances and Identity whether each Variance es favorable (F) or unfavorable (U) Abbreviations used AC = actunt cost AD actual quantity, FOH food overead, SC standard cost SO standard quantity) Formula Variance FOH cost variance FOH volume variance Requirement 2 Explains why the variances are favorable or unfavorable * Requirements sta vie inu following actual ad S 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances 2. Explain why the variances are favorable or unfavorable pull fiances Print Done leo vail quantity, VOF rhead cost and uantity, FOH = Data Table Fiance exed overhead nce is favorable antity) Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $1,200 $1,600 800 hours 400 units 2 hours per unit verhead cost and volume uantity, FOH = fixed over e = 11 ance Print Done xplain why they Requirement 2. Explain why the vanances are favorable or unfavorable The variable overhead cost vanance is because the actual cost per direct labor hour was than the standard cost per direct labor hour The variable overhead etficiency variance is because management used direct labor hours then standard and variable overhead is applied incutred) based on direct labor The fixed overhead cost Vancois because the total fixed overhead cost was than the amount budgeted for fotar fondove bead The fixed overhead volume variances because total od ovih ostalocated to units was than the total budgeted bxed vorheed cost Premium, Inc. uses a standard cost system and provides the following information Click the icon to vw the information) Premium allocates manufacturing overhead to production based on standard dred labor hours Premium Toported the following actual results for 2018 actual number of units produced, 1000, actual variable overhead, 52 400 actual fixed overhead $2,700. actual direct labor hours 1,400 Read the tourments Requirement 1. Compute the variable overhead cost and officiency variances and fixed overhead cost and volume variances Bogin with the variable overhead cost and officiency variances Select the required formulas computo the vanable overhead cost and officiency vainances, and identity whether each variance is favorable (F) or unfavorable (U) (Abbreviations used AC actual cos. AQ actual quantity FOHfixed overhead, SC Standard COST SQ = standard quantity, VOH = vanable overhead Formula Variance VOH cost variance VOH efficiency variance Now compute the food overhead cost and volumo variances Select the required formulas, compute the fixed overhead cost and volume variances and Identity whether each Variance es favorable (F) or unfavorable (U) Abbreviations used AC = actunt cost AD actual quantity, FOH food overead, SC standard cost SO standard quantity) Formula Variance FOH cost variance FOH volume variance Requirement 2 Explains why the variances are favorable or unfavorable * Requirements sta vie inu following actual ad S 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances 2. Explain why the variances are favorable or unfavorable pull fiances Print Done leo vail quantity, VOF rhead cost and uantity, FOH = Data Table Fiance exed overhead nce is favorable antity) Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $1,200 $1,600 800 hours 400 units 2 hours per unit verhead cost and volume uantity, FOH = fixed over e = 11 ance Print Done xplain why they Requirement 2. Explain why the vanances are favorable or unfavorable The variable overhead cost vanance is because the actual cost per direct labor hour was than the standard cost per direct labor hour The variable overhead etficiency variance is because management used direct labor hours then standard and variable overhead is applied incutred) based on direct labor The fixed overhead cost Vancois because the total fixed overhead cost was than the amount budgeted for fotar fondove bead The fixed overhead volume variances because total od ovih ostalocated to units was than the total budgeted bxed vorheed cost