The cheque-clearing office of Pay Loans Company is responsible for processing all cheques that come to the comp Managers at the company believe that variable overhead costs are essentially proportional to the number of labour the office, so labour-hours are used as the activity base when preparing variable overhead budgets and performano October, the most recent month, appear below: Fixed overhead at Pay Loans Company consists entirely of supervisory salaries and is applied at a rate of $5 per ditect labour hiour Actual faxed overhead costs totalled $5,300 in Octobet, while the fexible budget was $5,000 for the month. Requirect Prepare an overhead performance report for October for the cheque-clearing office that includes both spending and etficiency variances for varlable ovethead and the budget variance for fixed overheod. (indicate the effect of each variance by selecting 'F" for favourable, "U" for unfavourable, and "None" for no effect (L.e., rero variance).)