All-Star, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) All-Star allocates manufacturing overhead to production based on standard direct labor hours. All-Star reported the following actual results for 2018: actual number of units produced, 1,000; actual variable overhead, $3,800; actual fixed overhead, $3,500; actual direct labor hours, 1,200. Read the requirements. Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ= actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity; VOH = variable overhead.) VOH cost variance VOH efficiency variance Formula Data table Variance Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $2,200 $3,300 1,100 hours 550 units 2 hours per unit Print Done -