Required: Prepare an overhead performance report for October for the cheque-clearing office that includes both spending and efficiency variances for variable overhead and the budget variance for fixed overhead (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) OOK PAY LOANS COMPANY Overhead Performance Report For the Month Ended October 31 int Breakdown of the Total Variance ences Overhead costs Cost Actual Costs Flexible Flexible Formula Incurred for Budget Based Budget Based (per labour- 1,300 Labour- on 1,300 on 1,380 hour) Hours Labour-Hours Labour-Hours Total Variance Spending (Budget) Variance Efficiency Variance Variable overhead costs Office supplies Staff coffee lounge $ 0.90 $ 1,125 0.20 320 Indirect labour 2.50 Total variable overhead cost 2,500 3,945 $ 3.60 $ Fixed overhead costs Supervisory salaries Total overhead cost 5,400 9,345 $ w