Superior Fender uses a standard cost 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 reported the following actual results for 2024: actual number of fenders produced, 20,000; actual variable overhead, $4,420; actual fixed overhead, $30,000; actual direct labor hours, 400. Read the requirements. Requirement 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, foxed 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; AQ a actual quantity; FOH = fred overhead: SC standard cost, SQ standard quantity: VOH variable overhead.) Formula VOH cost variance (AC-SC) *AQ VOH efficiency variance (AC-SC) * AQ (AC-SC) SQ (AQ-SQ) AC (AQ-SQ) SC Actual FOH-Allocated FOH Actual FOH- Budgeted FOH: Variance 2420 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,875 $23,000 575 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