Overhead Standards \& Variances 0 ( Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below] Sedona Company set the following standard costs for one unit of its product for this year. The $5.60($4.00+$1.60) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 37,500 units, which is 75% of the factory's capacity of 50,000 units per month. The following monthly flexible budget information is avallable. During the current month, the company operated at 70% of capacity, direct labor of 340,000 hours were used, and the following actual overhead costs were incurred. Exercise 23-27A (Static) Computing total variable and fixed overhead variances LO P5 1. Compute the totat variable overhead variance and identify it as fovorable or unfavorable. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. 2. Compute the total foced overhead variance and identify it as favorable or unfavorabie. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. During the current month, the company operated at 70% of capacity, direct labor of 340,000 hours were used, and the following actual overhead costs were incurred. Exercise 23-27A (Static) Computing total variable and fixed overhead variances LO P5 1. Compute the total variable overhead variance and identify it as favorable or unfavorable. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance. 2. Compute the total fixed overhead variance and identify it as favorable or unfavorable. Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance