The following information comes from the records of Magno Co. for the current period. a. Compute the overhead controllable and volume variances. In each case, state whether the variance is favorable or unfavorable. Actual costs and quantities: Direct labor hours used 50,660 hours Direct labor rate per hour $16 Factory overhead $210,500 25,000 units were produced during the period Standard costs and quantities per unit: Direct Labor 2 hours @ $17 per hour Factory overhead (based on budgeted production of 24,500 units) Variable overhead $2.15/direct labor hour Fixed overhead $2.02/direct labor hour