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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 positiv number. Label the variance as favourable (F) or unfavourable (U).) Total overhead variance: Total overhead variance What does the total manufacturing overhead variance tell management? This variance tells managers that Grand Ceramics manufacturing overhead by $. 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 What does the overhead flexible budget variance tell management? This variance tells managers that Grand Ceramics actually incurred $ for manufacturing overhead than they would have expected for the actual volume produced during the year. Requirement 3. Compute the production volume variance. What does this tell management? Identify the formula labels and compute the production volume variance. (Enter the result as a positive number. Label the variance as favourable (F) or unfavourable (U).) Production volume variance: Production volume variance What does the production volume variance tell management? This variance tells managers that $ |of the total overhead variance arose because Grand Ceramics produced bottles than originally expected. It is . because Grand Ceramics used its plant capacity originally anticipated.Grand Ceramics is a manufacturer of ceramic bottles. (Click the icon to view the standards.) (Click the icon to view the actual results.) i Data Table X 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 $14.00 per hour Static budget variable overhead . $70,200 Static budget fixed overhead $29,120 Static budget direct labour hours. . . .. ... . 10,400 hours Static budget number of bottles. . . . . .... . 49,000 Grand Ceramics allocates manufacturing overhead to production based on standard direct labour hours. Print Done i Data Table - X Last month, Grand Ceramics reported the following actual results for the production of 72,000 bottles: Direct materials . . . . . 1.4 kg per bottle, at a cost of $0.60 per kg Direct labour . . 1/4 hour per bottle, at a cost of $13.20 per hour Actual variable overhead . . $104,900 Actual fixed overhead . . . . . . . . . . .. .. . $28,300 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