The following information relates to Longman, 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 (Actual cost-Standard cost) Actual hours X (Actual hours - Standard hours allowed) Standard cost Actual overhead - Budgeted overhead Budgeted overhead - Allocated overhead VOH cost variance VOH efficiency variance =FOH cost variance = = FOH volume variance =