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Best Fender is a competitor of Great Fender. Best Fender also 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 labor hours Best Fender reported the following actual results for 2016: actual number of fenders produced; 20,000; actual variable overhead; $4 850; actual fixed overhead; S34,000; actual direct labor hours, 460 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 Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours Print s 37500 s 287000 700 hours 287000 units 0.025 hours per fender Done Requirements . Compute the overhead variances for the year: variable overhead cost variance; variable overhead efficiency variance; fixed overheac cost variance; and fixed overhead volume variance 2. Explain why the variances are favorable or unfavorable Print Done