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Best Fender uses a standard cost system and provide the following information (Click the icon to view the information.) Best Fender allocates manufacturing overhead to production based on standard direct labor hours. Best Fender reported the following actual results for 2024 actual number of fenders produced, 20,000 actual variable overhead, 54,850 actual fixed overhead, 529,000, actual direct labor hours 430 Read the fautement Requirement 1, Compute the overhead variances for the year variable overhead cost variance variable overhead officiency variance, fixed overhead cost variance, and fixed overhead volume variance Begin with the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhead cost and efficiency variance and identity whether each variance in favorable (F) or unfavorable (U) (You may need to simply the formula based on the data provided Abbreviations used. AC actual cost o actual quantity, FOH fixed overhead SC standard cont Sai standard quantity. VOH variable overhead) Formula Variance VOH Cost variance Actual FOH - Allocated FOH VOH officiency variance (AO -50) SC Requirements fixe 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance 2. Explain why the variances are favorable or unfavorable Jefficie brev Print Done tian a Data Table ad va $4,608 $23,040 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours 576 hours ord ed 24,000 units 0.024 hours per fender Print Done

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