3. Compute the direct labor variance, including its rate and efficiency variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places. (1) Required information \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Overhead Variance Report } \\ \hline \multicolumn{5}{|c|}{ For Month Ended October 31} \\ \hline \multicolumn{5}{|l|}{ Expected production volume } \\ \hline \multicolumn{5}{|l|}{ Production level achieved } \\ \hline \multicolumn{5}{|l|}{ Volume Variance } \\ \hline & Flexible Budget & Actual Results & Variances & Favorable or Unfavorable \\ \hline \multicolumn{5}{|l|}{ Variable overhead costs } \\ \hline E & 7 & & & \\ \hline \\ \hline \\ \hline \\ \hline \multicolumn{5}{|l|}{8} \\ \hline \multicolumn{5}{|l|}{7} \\ \hline \multicolumn{5}{|l|}{ Fixed overhead costs } \\ \hline \multicolumn{5}{|l|}{7} \\ \hline \multicolumn{5}{|l|}{8} \\ \hline \multicolumn{5}{|l|}{5} \\ \hline \multicolumn{5}{|l|}{ E } \\ \hline \\ \hline \multicolumn{5}{|l|}{7} \\ \hline \multicolumn{5}{|l|}{ Total overhead costs } \\ \hline \multicolumn{5}{|l|}{ Volume Variance } \\ \hline \\ \hline \multicolumn{5}{|l|}{5} \\ \hline Volume variance & & & $ & \\ \hline Total overhead variance & & & & 1 \\ \hline \end{tabular} Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. The standard overhead rate ( $18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. The company incurred the following actual costs when it operated at 75% of capacity in October. Required: 1. Prepare flexible overhead budgets for October showing amounts of each variable and fixed cost at the 65%,75%, and 85% capacity levels. 2. Compute the direct materials variance, including its price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance