Sedona Company set the following standard costs for one unit of its product for this year. Direct material (30 pounds @ $2.80 per pound) $ 60.00Direct labor (20 hours @ $4.50 per DLH) 96.00Variable overhead (20 hours @ $2.50 per DLH) 50.00Fixed overhead (2@ hours @ $1.2@ per DLH) 24.00Standard cost per unit $ 224.00 The $3.70 ($2.50 + $1.20) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 38,500units, which is 70% of the factory's capacity of 55,000 units per month. The following monthly flexible budget information is available.Operating Levels (% of capacity)Flexible Budget 65% 70% 75%Budgeted production (units) 35,750 38,500 41,250Budgeted direct labor (standard hours) 715,000 770,660 825,000Budgeted overheadVariable overhead $ 1,787,500 $ 1,925,000 $ 2,062,500Fixed overhead 924,000 924,000 924,000Total overhead $ 2,711,50@ $ 2,849,000 $ 2,986,500 During the current month, the company operated at 65% of capacity, direct labor of 678,000 hours were used, and thefollowing actual overhead costs were incurred. Actual variable overhead $ 1,715,000Actual fixed overhead 999,200Actual total overhead % 2,714,200 . Compute the total variable overhead variance and identify it as favorable or unfavorable. (Indicate the effect of the variance byelecting favorable, unfavorable, or no variance.). Compute the total fixed overhead variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by 1. Compute the total variable overhead variance and identify it as favorable or unfavorable. (Indicate the effect of the variance byselecting favorable, unfavorable, or no variance.) 2. Compute the total fixed overhead variance and identify it as favorable or unfavorable. (Indicate the effect of the variance byselecting favorable, unfaverable, or no variance.) Variable overhead variance Fixed overhead variance