Zeke's Bikes uses a standard cost system and provides the following information: Standards: Static budget variable overhead $5,010.00. Static budget fixed overhead $20,200.00. Static budget direct labor hours 360 hours. Static budget number of units 25,400 units. Static budget direct labor hours 0.025 hours per unit. Actual: Number of units produced 23,000. Actual variable overhead $5,180.00 Actual fixed overhead $23,400.00. Actual direct labor hours 500. (Round your answers to two decimal places when needed and use rounded answers for all future calculations). 1. Compute the variable and fixed overhead allocation rates. Budgeted VOH ? Budgeted allocation base = Standard VOH allocation rate = Budgeted FOH ? Budgeted allocation base = Standard FOH allocation rate 2. Calculate the variable overhead cost and efficiency variances. (AC ? SC) ? AQ = Variable OH Cost Variance Favorable or Unfavorable = (AQ ? SQ) ? SC = Variable Overhead Efficiency Variance Favorable or Unfavorable = 3. Calculate the variable overhead cost variance. Act. FOH ? Budget FOH = Fixed OH Cost Variance Favorable or Unfavorable