The following information relates to Johnson, Inc.'s overhead costs for the month: (Click the icon to view the information.) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and fixed overhead (FOH) variances, and then compute each variance amount. VOH cost variance VOH efficiency variance FOH cost variance FOH volume variance Requirement 1. Compute the overhead variances for the month: variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variar Begin by selecting the formulas needed to compute the variable overhead (VOH) an variances, and then compute each variance amount. Data table Static budget variable overhead $ 7,200 Static budget fixed overhead $ 3,600 Static budget direct labor hours 1,200 hours Static budget number of units 2,400 units Johnson allocates manufacturing overhead to production based on standard direct labor hours. Last month, Johnson reported the following actual results: actual variable overhead, $10,800; actual fixed overhead, $2,830; actual production of 7,300 units at 0.40 direct labor hours per unit. The standard direct labor time is 0.5 direct labor hours per unit (1,200 static direct labor hours/2,400 static units). Print Done VOH VOH FOH = FOH - X (Actual hours Standard hours allowed) x Standard cost - Actual overhead - (Standard hours x Actual cost) Actual overhead - (Standard hours allowed x Standard cost) (Actual cost - Standard cost) x Actual hours cost va volume