Superior Fender uses a standard cont system and provide the following information Click the icon to view the information Superior Fender wlocates manufacturing overhead to production based on standard direct later hours Superior Fender reported the following actual results for 2004 actual number of fenders produced, 20.000; actual variable overhead, 55,600 actual fixed overhead, $24.000, actual direct labor hours, 410 Read the requirements Requirement 1. Compute the overhead variances for the year: variable overhead coat 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). (You may need to simply the formula based on the data provided. Abbreviations used. AC actual cost Actual qay, FOH teed narhal SC standa tanda til VOH = variable head Choose from any list or enter any number in the input fields and then click Check Answer $2,875 $23,000 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours 575 hours 25,000 units 0.023 hours per fender 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. op UHTUDa blaHUIU Wst system and provide the following information: (Click the icon to view the information.) Superior Fender allocates manufacturing overhead to production based on standard direct labor hours, Superior Fender reporte fenders produced, 20,000; actual variable overhead, $5,600; actual fixed overhead, $24,000; actual direct labor hours, 410. Read the requirements. overhead; SC = standard cost; SQ = standard quantity: VOH = variable overhead.) Formula Variance 11 VOH cost variance 11 VOH efficiency variance