You have just been hired by FAB Coeporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better controt of our manufocturing overhiead cost5." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhed planning and control. Atter much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: During March, the company worked 20,000 machine hours and produced 14.000 unats. The compary had originally planned to work 22,000 machine-hours during March. Required: 1. Calculate the activity varlances for March. 2. Calculate the spending varlances for March. Complete this question by enterisily your answers in the tabs below. Calculate the activity variances for March. (Indicate the effect of each variance by sciecting "F" for favorable, "U" for 2. Calcufate the spending variances for March. Complete this question by entering your answers in the tabs below. Calculate the activity variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "u* for unfavorable, and "None" for no effect (t.e., zero variance). Input all amounts as positive values.) You have just been hired by FAB Coeporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better controt of our manufocturing overhiead cost5." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhed planning and control. Atter much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: During March, the company worked 20,000 machine hours and produced 14.000 unats. The compary had originally planned to work 22,000 machine-hours during March. Required: 1. Calculate the activity varlances for March. 2. Calculate the spending varlances for March. Complete this question by enterisily your answers in the tabs below. Calculate the activity variances for March. (Indicate the effect of each variance by sciecting "F" for favorable, "U" for 2. Calcufate the spending variances for March. Complete this question by entering your answers in the tabs below. Calculate the activity variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "u* for unfavorable, and "None" for no effect (t.e., zero variance). Input all amounts as positive values.)