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Earthern Ware is a manufacturer of ceramic bottles. E: (Click the icon to view the standards.) E: (Click the icon to view the actual results.) Requirements 1. Compute the total manufacturing overhead variance. What does this tell management? 2. Compute the overhead flexible budget variance. What does this tell management? 3. Compute the production volume variance. What does this tell management? Requirement 1. Compute the total manufacturing overhead variance. What does this tell management? Identify the formula labels and compute the total manufacturing overhead variance. (Enter the result as a positive number. Label the variance as favourable (F) or unfavourable (U).) Total overhead variance: Total overhead variance - Data table The company has these standards: Direct materials (clay). 1.2 kg per bottle, at a cost of $0.42 per kg Direct labour. 1/5 hour per bottle, at a cost of $14.80 per hour Static budget variable overhead $72,100 Static budget fixed overhead. $29,870 Static budget direct labour hours. 10,300 hours Static budget number of bottles. 55,000 Earthern Ware allocates manufacturing overhead to production based on standard direct labour hours. Data table Last month, Earthern Ware reported the following actual results for the production of 71,000 bottles: Direct materials Direct labour. Actual variable overhead Actual fixed overhead.. 1.5 kg per bottle, at a cost of $0.70 per kg 1/4 hour per bottle, at a cost of $13.70 per hour $104,400 $28,900 Print Done