Exercise 21-20 Computing volume and controllable overhead variances LO P4 World Company expects to operate at 80% of its productive capacity of 68.750 units per month. At this planned level, the company expects to use 31.900 standard hours of direct labor Overhead is allocated to products using a predetermined standard rate of 0.580 direct labor hour per unit. At the 80% capacity level, the total budgeted cost includes $70,180 fixed overhead cost and $405.130 variable overhead cost. In the current month, the company incurred $473.000 actual overhead and 28.900 actual labor hours while producing 52.000 units. (1) Compute the overhead volume variance Classify each as favorable or unfavorable. (2) Compute the overhead controllable variance Classify each as favorable or unfavorable Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the overhead volume variance Classify as favorable or unfavorable Indicate the effect of each variance by selecting for favorable unfavorable, and no variance. Round "OH Costs per DL hour" to 2 decimal places.) Fred Overhead Applied Fored OH per DL h $ 2.20 Standard DL hours 31.900 Foxed Overhead applied P3 (3.828] - volume Varance Exercise 21-20 Computing volume and controllable overhead variances LO P4 World Company expects to operate at 80% of its productive capacity of 68.750 units per month. At this planned level, the company expects to use 31.900 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate of 0.580 direct labor hour per unit. At the 80% capacity level, the total budgeted cost includes $70.180 fixed overhead cost and $405,130 variable overhead cost. In the current month, the company incurred $473 000 actual overhead and 28.900 actual labor hours while producing 52.000 units (1) Compute the overhead volume variance. Classify each as favorable or unfavorable (2) Compute the overhead controllable variance Classify each as favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required 1 Recured 2 Compute the overhead controllable variance. Classify each as favorable or unfavorable (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Total actual overhead Flexible budget overhead Overhead controllable vanance