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 (20 lbs. @ 3.20 per 1b.) Direct labor (10 hrs. @ $8.30 per hr.) Variable overhead (10 hrs. @ $4.70 per hr.) Fixed overhead (10 hes. @ $2.30 per hr.) Total standard cost $ 64.00 83.00 47.00 23.00 $217.00 The $700 ($4.70 - $2.30) total overhead rate per direct labor hour is based on an expected operating level equal to 60% of the factory's capacity of 57,000 units per month. The following monthly flexible budget information is also available. Operating levels of capacity) Flexible Budget 55% 60 655 Budgeted output (units) 31,350 34,200 37,050 Budgeted labor (standard hours) 313,500 342,000 370,500 Budgeted overhead (dollars) Variable overhead $1,473,450 $1,607, 400 $1,741,350 Fixed overhead 786,600 786,600 786,600 Total overhead $2,260,050 $2,394,000 $2,527,950 During the current month, the company operated at 55% of capacity, employees worked 295,000 hours, and the following actual overhead costs were incurred Variable overhead costs Fixed overhead costs Total overhead costs $1,411,000 850,050 $2,269,050 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 upending and efficiency variances. Indicate the effect of each variance by entecting for favorable, untavorable, and no variance, Round Actual variable O COM Standard Contok applied 5 Required 2 >