[The following information applies to the questions displayed below) Sedona Company set the following standard costs for one unit of its product for 2017 Direct material (20 lbs. $2.50 per Ib.) Direct labor (10 hrs. $22.00 per hr.) Factory variable overhead (10 hrs. $4.00 per hr.) Factory fixed overhead (10 hrs. * $1.60 per hr.) Standard cost $50.00 220.00 40.00 16.00 $326.00 The $5.60 ($4.00 - $1.60) total overhead rate per direct labor hour is based on an expected operating level equal to 75% of the factory's capacity of 50,000 units per month. The following monthly flexible budget information is also available. Operating Levels of capacity Flexible budget 700 75 800 Budgeted output (units) 35.000 37.500 40,000 Budgeted labor (standard hours) 350,000 375,000 400,000 Badgeted overhead dollars) Variable overhead $1,400,000 $1,500,000 $1,600,000 Tixed overhead 600.000 600,000 600,000 Total overhead $2,000,000 $2,100,000 $2,200,000 During the current month, the company operated ot 70% of copacity, employees worked 340,000 hours, and the following actual overhead costs were incurred. Variable overhead coate Fixed overhead cont Total overhead coats $1,375,000 628,600 $2,003,600 AH = Actual Hours SH - Standard Hours AVR = Actual Variable Rate SVR Standard Variable Rate SFR Standard Fixed Rate 1. Compute the variable overhead spending and efficiency variances. Actuni Variable OH Cout Flexible Budget Standard Coat (VOH applied) 0 $ 0 0 2. Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. (Round "Rate per unit" to 2 decimal places.) Actual Fixed OH cost Fixed OH (Fixed Budgeted) Standard Cost (FOH applied) 5 0 0 3. Compute the controllable variance. Controllable Variance Controllable variance