Sheridan Company produces one product, a putter called GO-Putter. Sheridan uses a standard cost system and determines that it should take one hour of direct labor to produce one GO-Putter. The normal production capacity for this putter is 120,000 units per year. The total budgeted overhead at normal capacity is $1,080,000 comprised of $420,000 of variable costs and $660,000 of fixed costs. Sheridan applies overhead on the basis of direct labor hours. During the current year, Sheridan produced 74,000 putters, worked 98,300 direct labor hours, and incurred variable overhead costs of $233,200 and fixed overhead costs of $462,000. (a) Compute the predetermined variable overhead rate and the predetermined fixed overhead rate. (Round answers to 2 decimal places, e.g. 2.75.) Campate the asplied everhead for Paet for the vear. Acpled Overhead Compute the tatal overhead variance. Identify whether the variance is favaratie or unfaverable? Total Overhesd Variance