= Homework: Ch 08 HW Problem Question 1, EM8-20 (sim... Part 1 of 6 HW Score: 0%, 0 of 8 points O Points: 0 of 8 Save Premium Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Premium Fender allocates manufacturing overhead to production based on standard direct labor hours. Premium Fender reported the following actual results for 2024: actual num of fenders produced, 20,000; actual variable overhead, $5,200; actual fixed overhead, $30,000; actual direct labor hours, 400. Read the requirements. Requirement 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. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether e variance is favorable (F) or unfavorable (U). (You may need to simply the formula based on the data provided. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance X (AC - SC) * AQ (AQ - SQ) ~ SC VOH efficiency variance = = Homework: Ch 08 HW Problem Question 1, EM8-20 (sim... Part 1 of 6 HW Score: 0%, 0 of 8 points O Points: 0 of 8 Save Premium Fender uses a standard cost system and provide the following information: (Click the icon to view the information.) Premium Fender allocates manufacturing overhead to production based on standard direct labor hours. Premium Fender reported the following actual results for 2024: actual num of fenders produced, 20,000; actual variable overhead, $5,200; actual fixed overhead, $30,000; actual direct labor hours, 400. Read the requirements. Requirement 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. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether e variance is favorable (F) or unfavorable (U). (You may need to simply the formula based on the data provided. Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) Formula Variance VOH cost variance X (AC - SC) * AQ (AQ - SQ) ~ SC VOH efficiency variance =