12. Company DEF has provided the following data about its variable overhead costs and its allocation base, machine hours, for March 2021: Actual Budgeted Output units 12,700 units 12,700 units Machine hours (MH) 4,400 MH 3,500 MH Variable overhead cost per MH $8.20 per MH $10.00 per MH You are responsible for analyzing the variable overhead costs and providing all the variance details on the variable overhead cost performance each month. Pete is a new intern working with you on this project and when he sees this data, Pete says, "Well, this is an easy task. The company produced exactly what it planned to in March, so there is no need to do any variance analysis on the variable overhead costs. Our output matched what the budget said it would be so there will not be any variable overhead variances this month." (a) How would you respond to Pete? Is his assessment correct? Why or why not? (b) Identify which, if any, of the variable overhead variances we learned that Company DEF has and explain why. (c) What, if anything, should the company focus on improving related to its variable overhead? (d) What, if anything, is the company doing well related to its variable overhead