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 avechead cost varianco, variable overhead efficiency variance, foxed 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 officiency varlanco, fixed overhead cost variance, and food overhead volume variance Begin by selecting the formulas needed to computer the variable overhead (VDH) and food overhead (FOH) variances, and then compute each variance amou (Actual con Sundard cost) Actual hour VOH cost yarance (Actual hours Standard hours allowed) Standard cont VOH officiency variance Actual overhead Budgeted overhead FOH Cost variance Budgeted overhond - Allocated overhead FOH volume variance - Data table formation relates to Lord on to view the informati xed overhead cost varian e overhead variancest Slume variance the variances are favo Static budget variable overhead $ 7,800 Static budget fixed overhead $ 3.900 Static budget direct labor hours 1,300 hours Static budget number of units 5,200 units Longman allocates manufacturing overhead to production based on standard direct labor hours Last month, Longman reported the following actual results, actual variable overhead, $10,600, actual fixed overhead, $2,790; actual production of 7 100 units at 0.30 direct labor hours per unit. The standard direct labor time is 0.25 direct labor hours per unit (1,300 static direct labor hours/5,200 static units) Compute the overhead Eed overhead volume ng the formulas needed tandard cost) Actual Standard hours allowe - Budgeted overhead variance, fixed overhead en compute each variance