File Home Insert Page Layout Formulas Data Review View Automat Default Page Layout Calculation of labor costs: Total Actual hours of labor at actual rate Actual hours of labor at standard rate Standard quantity of DL allowed for output at standard unit price Calculation of labor variances: Unfavorable [Favorable] Rate (Price) variance Efficiency (Quantity) variance Total labor variance 3 Compute the overhead controllable and volume variances for the year. Calculation of overhead costs: Actual overhead Flexible budget overhead Overhead cost applied to work-in-process Calculation of overhead variances: Unfavorable [Favorable] Overhead controllable variance Overhead volume variance Total overhead variance 4 Please explain below the fixed overhead volume variance. File Home Insert Page Layout Formulas Data Review View Automat Default Page Layout Calculation of labor costs: Total Actual hours of labor at actual rate Actual hours of labor at standard rate Standard quantity of DL allowed for output at standard unit price Calculation of labor variances: Unfavorable [Favorable] Rate (Price) variance Efficiency (Quantity) variance Total labor variance 3 Compute the overhead controllable and volume variances for the year. Calculation of overhead costs: Actual overhead Flexible budget overhead Overhead cost applied to work-in-process Calculation of overhead variances: Unfavorable [Favorable] Overhead controllable variance Overhead volume variance Total overhead variance 4 Please explain below the fixed overhead volume variance