Superioc Fender uses a standard cost system and provide the following information: IIt (Click the ioch to View the information) Superior Fender alocates manutacturng ovehead to production based on standard direct labor hourh, 5upetior Fender reporind the fotcwing actual resiats for 2024 : actiol number of fenders produced, 20,000 , actual variable overtead, 34,850 actuel fixed overhead, 529,000 ; nctual diect labor hours, 360 . Rosd the tegurements Voluithe viriance Begin with the variable overhead cost and efficiency variances. Select the required formulas, computo the variable overhead cost and elficiency variancest, and ifentify whother each varance is tavorable (F) or unfavorable (U). (Tou may need to simply the formula based on the tata provided Abbreviatons used AC = actual sost. AO = dctial quanefy, FOH = hised overhead, BC = standard cost, 50 = standard quantity: VOH = variable overhead) npute the overhead variances for the year: variable overhead cost variance, variable overhead e le overhead cost and efficiency variances. Select the required formulas, compute the variable or Requirements 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. 2. Explain why the variances are favorable or unfavorable