What is the FOH cost variance and FOH volume variance?

All Star, Inc. uses a standard cost system and provides the following information (Click the icon to view the information.) All Star allocates manufacturing overhead to production based on standard direct labor hours. All-Star reported the following actual results for 2018: actual number of units produced, 1,000; actual variable overhead, $3,800; actual fixed overhead, $3,200; actual direct labor hours, 1,700 Read the requirements Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC actual cost AQ actual quantity; FOH = fixed overhead: SC = standard cost SQ -standard quantity; VOHvariable overhead.) Formula (AC - SC)x AQ (AQ - SQ) x SC Variance 1,250 U VOH cost variance 450 F VOH efficiency variance - Now compute the fixed overhead cost and volume variances. Select the required formulas, compute the fixed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC-actual cost AQ = actual quantity: FOH fixed overhead: SC-standard cost; SQ - standard quantity.) Variance Formula Actual FOH - Budgeted FOH 1000U FOH cost variance FOH volume variance Bugeted FOH-Allocated FOH Choose from any list or enter any number in the input fields and then click Check Answer, ffi ad ad Data Table 1 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours 2,100 $ 2,800 ol 1,400 hours 700 units 2 hours per unit Print Done