Setup cost Other Alden Company uses a three-variance analysis for factory overhead variances. Practical capacity is defined as 36 setups and 36,000 machine hours to manufacture 7,200 units for the year. Selected data for 2022 follow. Budgeted fixed factory overhead: $ 93,600 154,000 $ 247,600 Total factory overhead cost incurred $ 486,000 Variable factory overhead rate: Per setup $ 650 Per machine hour $ 6.00 Total standard machine hours allowed for the units manufactured 28,000 hours Machine hours actually worked 32,000 hours Actual total number of setups 32 Actual number of units produced during the year 5,600 Standard number of setups for units produced during the year 28 Required: 1. Compute (a) the total overhead spending variance, (b) the overhead efficiency variance, and (c) the total overhead flexible budget variance for 2022. Label each variance as favorable (F) or unfavorable (U). 2. Assume that the company includes all setup costs as variable factory overhead. The budgeted total fixed overhead, therefore, is $154,000, and the standard variable overhead rate per setup is $3,250. What are (a) the total overhead spending variance, (b) the overhead efficiency variance, and (c) the total overhead flexible budget variance for the year? Label each variance as favorable (F) or unfavorable (U) 3. Assume that the company uses only machine hours as the activity measure to apply both variable and fixed overhead, and that it includes all setup costs as variable factory overhead. What are (a) the Total Overhead Spending Variance, (b) the Overhead Efficiency Variance, and (c) the total Overhead Flexible Budget Variance for the year? Indicate whether each variance is favorable (F) or unfavorable (U). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute (a) the total overhead spending variance, (b) the overhead efficiency variance, and (c) the total overhead flexible budget variance for 2022. Label each variance as favorable (F) or unfavorable (U). (a) Spending variance (b) Efficiency variance (c) Flexible-budget variance Required 1 Required 2 Required 3 Assume that the company includes all setup costs as variable factory overhead. The budgeted total fixed overhead, therefore, is $154,000, and the standard variable overhead rate per setup is $3,250. What are (a) the total overhead spending variance, (b) the overhead efficiency variance, and (c) the total overhead flexible budget variance for the year? Label each variance as favorable (F) or unfavorable (U). Show less (a) Spending variance (b) Efficiency variance (c) Flexible-budget variance Required 1 Required 2 Required 3 Assume that the company uses only machine hours as the activity measure to apply both variable and fixed overhead, and that it includes all setup costs as variable factory overhead. What are (a) the Total Overhead Spending Variance, (b) the Overhead Efficiency Variance, and (c) the total Overhead Flexible Budget Variance for the year? Indicate whether each variance is favorable (F) or unfavorable (U). Show less (a) Spending variance (b) Efficiency variance (c) Flexible-budget variance