Requlred Information Use the following information for the Exercises below. (Algo) [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 $6.80($4.60+$2.20) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 42.000 units. which is 75% of the factory's capacity of 56.000 units per month. The following monthly flexible budget information is available. During the current month, the company operated at 70% of capocity, direct labor of 371.000 hours were used, and the following actual overhead costs were incurred. Exerclse 8-27A (Algo) Computing total vorlable and fixed overhead varionces LO P5 1. Compute the total varlable overhead variance and identily it as fovorable or unfovorable. (indicate the effect of the variance by selecting fayorable, unfevorable, or no verience.) 2. Compute the total foxed overhed variance and identify it as favorabie or unfavorable. (indicate the effect of the voriance by selecting favorable, unfavorable, or no variance.)