The company allocates manufacturing overhead based on direct labor hours. Wright has budgeted fixed manufacturing overhead for the year to be $624,000. The predetermined fixed manufacturing overhead rate is $16.60 per direct labor hour, while the standard variable manufacturing overhead rate is $0.95 per direct labor hour. The direct labor standard for each case is one-quarter (0.25) of an hour The company actually processed 154,000 cases of frozen organic fruits during the year and incurred $680,300 of manufacturing overhead. Of this amount, $632,000 was fixed. The company also incurred a total of 42,000 direct labor hours. Print Done Requirement 2. Compute the variable MOH rate variance and the variable MOH efficiency variance. What do these variances tell managers? Begin by determing the formula for the variable MOH rate variance, then calculate the variable overhead rate variance. (Enter the result as a positive number. Enter rates to two decimal places. Label the variance as favorable (F) or unfavorable (U).) Variable overhead rate variance This variance tells managers that Wright Foods actually incurred | on variable manufacturing overhead than they would have expected given the actual hours used Now determine the formula for the variable MOH efficiency variance, then calculate the efficiency variance. (Enter the result as a positive number. Enter any rates to two decimal places. Label the variance as favorable (F) or unfavorable (U).) Variable overhead - efficiency variance This variance tells managers that Wright Foods used | direct labor hours than anticipated for the actual volume of output. Requirement 3. Compute the fixed MOH budget variance and the fixed overhead volume variance. What do these variances tell managers? Begin by determing the formula for the fixed MOH budget variance, then calculate the fixed budget variance. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U).) Fixed MOHH - budget variance This variance tells us that Wright Foods spenthan anticipated on fixed overhead costs Now determine the formula for the fixed overhead volume variance, then calculate the volume variance. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U).) This variance tells us that Wright Foods spenthan anticipated on fixed overhead costs Now determine the formula for the fixed overhead volume variance, then calculate the volume variance. (Enter the result as a positive number. Label the variance as favorable (F) or unfavorable (U).) Fixed MOHH = volume variance This variance tells managers that Wright Foods producedcases of frozen organic fruits than originally expected. Choose from any list or enter any number in the input fields and then continue to the next