Use the following information for the Exercises below. (The following information applies to the questions displayed below) Sedona Company set the following standard costs for one unit of its product for this year. Direct material (30 lbs. $2.00 per Ib.) Direct labor (20 hrs. $4.50 per hr.) Variable overhead (20 hrs. e $2.50 per hr.) Fixed overhead (20 hrs. $1.20 per hr.) Total standard cost $ 60.00 90.00 50.00 24.00 $ 224.00 The $3.70 ($2.50 + $1.20) total overhead rate per direct labor hour is based on an expected operating level equal to 70% of the factory's capacity of 55,000 units per month. The following monthly flexible budget information is also available. Operating Levels of capacity) 651 701 75 35,750 38,500 41,250 715,000 770,000 825,000 Flexible Budget Budgeted output (units) Budgeted labor (standard hours) Budgeted overhead (dollars) Variable overhead Fixed overhead Total overhead $1,787,500 924,000 $2,711,500 $1,925,000 924,000 $2,849,000 $2,062,500 924.000 $2,986,500 During the current month, the company operated at 65% of capacity, employees worked 678,000 hours, and the following actual overhead costs were incurred. Variable overhead costs Fixed overhead costo Total overhead costs $1,715,000 999, 200 $2.714,200 Exercise 21-18A Computing and interpreting overhead spending, efficiency, and volume variances LO P5 AH - Actual Hours SH - Standard Hours AVR = Actual Variable Rate SVR = Standard Variable Rate 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. 3. Compute the controllable variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting for favorable, unfavorable, and ne "Rate per unit to 2 decimal places.) Actual Variable OH Cost Flexible Budget Standard Cost (VOH applied Required Required 2 > Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by sele unfavorable, and no variance. Round "Rate per unit" to 2 decimal places.) Actual Fixed OH cout Fixed OH (Fixed Budgeted) Standard Cont (FOH Applied) 3. Compute the controllable variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllablo Variance Controllable variance Required information Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the fixed overhead spending and volume variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by sele unfavorable, and no variance. Round "Rate per unit" to 2 decimal places.) Actual Fixed OH cout Fixed OH (Fixed Budgeted) Standard Cont (FOH Applied) 3. Compute the controllable variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the controllable variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Controllablo Variance Controllable variance