The cheque-clearing office of Pay Loans Company is responsible for processing all cheques that come to the company for payment. Managers at the company belleve that varlable overhead costs are essentlally proportional to the number of labour-hours worked in the office, so labour-hours are used as the activity base when preparing varlable overhead budgets and performance reports. Data for October, the most recent month, appear below: Fixed overhead at Pay Loans Company consists entirely of supervisory salarles and is applied at a rate of $7 per direct labour-hour. Actual fixed overhead costs totalled $7,200 in October, while the flexible budget was $7,000 for the month. Requlrect: Prepare an overhead performance report for October for the cheque-clearing office that Includes both spending and efficlency varlances for varlable overhead and the budget varlance for fixed overhead. (Indlcate the effect of each varlance by selectling "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero variance).)