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Requirement 2. Compute the overhead flexible budget variance. What does this tell management? Identify the formula labels and compute the overhead flexible budget variance. (Enter the result as a positive number. Label the variance as favourable (F) or unfavourable (U).) Overhead flexible budget variance: Overhead flexible budget variance The company has these standards: Direct materials (clay) 1.3kg per bottle, at a cost of $0.44 per kg Direct labour 1/5 hour per bottle, at a cost of $14.60 per hour Static budget variable overhead $70,400 Static budget fixed overhead $29,700 Static budget direct labour hours . 11,000 hours Static budget number of bottles . . 50,000 Watermate allocates manufacturing overhead to production based on standard direct labour hours. Last month, Watermate reported the following actual results for the production of 69,000 bottles: Direct materials .1.6kg per bottle, at a cost of $0.80 per kg Direct labour 1/4 hour per bottle, at a cost of $13.00 per hour Actual variable overhead $91,000 Actual fixed overhead 28,100