ACCT 2102 Section 03 Test: TEST 2 - PART I (30 points) This Question: 10 pts 1013(2complete) This Test The folowing information relates to Talman, Inc.'s overhead costs for the month (Cick the icon to view the information ) Requirements 1. Compute the overthead variances for the month variable overhead cost variance, variable overhead efisciency variance, fixed ove 2. Explain why the variances are favorable or unfaverable Data Table $ 7,800 S 3900 Static budget variable overhead Requirement 1. Compute the overhead variances for the month variable overhead cost variance, variable overhead efficiency variano Begin by solecting the foemules needed to compute the variable overhead (VOH) and fiwed overhoad (FOH) variances, and then compu Stalc budget fixed overhead Static budget direct labor hours 1,300 hours VCH cost variance Static budget number of units 5,200 units VCH eficiency variance [ Tallman alocates manufacturing overhead to production based Actual overhead- Budpeted overhead Budgeted overhead-Allocated overhead Requirement 2. Explain why the variances are favorable or unfavorable The variable overhead cost variance is The variable overhead eficiency variance is on standard direct labor hours. Last month, Talman reported the FOH cost variance FOH volume variance following actual results actual variable overhead $10,700, actual fixed overhead, $2,770, actual production of 7,.400 units at 0 30 direct labor hours per unit The standard direct labor time is 0.25 direct labor hours per unit (1,300 static direct labor hours / 5.200 static units) because Talman actually spent than budgeted because the actual hours used aas | than budgeted Print Done Choose trom any ist or enter any number in the input fteids and then continue to the next