Superior Fender uses a standard cost system and provide the following information

Homework: Ch.8 Learning Objective 4 Question 2, EM8-20 (similar to) Part 1 of 6 HW Score: 15.19%, 12 of 79 points O Points: 0 of 20 Save 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, $4,960; actual fixed overhead, $35,000; actual direct labor hours, 370 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). (You may need to simply the formula based on the data provided. 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 (AC-SC) AQ VOH efficiency variance (AQ - SQ) - SC = 11 X Data table $5,425 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $31,000 775 hours 31,000 units 0.025 hours per fender lp Clear all Print Check answer Done ria - X Requirements sta th V 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. Print Done ble overhead $5,425