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, $4,560; actual fixed overhead, $28,000; 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. Abbreviatibns 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 Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume 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.) Formula Variance FOH cost variance FOH volume variance Requirement 2. Explain why the variances are favoriet infrin view the information.) Cates manufacturing overhead to production based on standard direct labor hours. Superior 4: actual number of fenders produced, 20,000; actual variable overhead, $4,560; actual fixec -0. nts. ompute the ovo ence, and fixed head Data Table able overhead es, and identify breviations use werhead.) Jable simpl ard cc mce -variance Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,300 $23,000 575 hours 23,000 units 0.025 hours per fender the fixed overhead identify whethere werhead: SC = star overhe. ctual cc Print Done Tiance variance 2. Explain why the variances are favorable or unfavorable. overhead cost variance is favorable because management spent less than budgeted for the actua many list or enter any