Best, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Best allocates manufacturing overhead to production based on standard direct labor hours. Best reported the following actual results for 2018: actual number of u produced, 1,000; actual variable overhead, $5,000; actual fixed overhead, $3,400; actual direct labor hours. 1.700 X i Data Table X Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable. Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $1,500 $2,250 750 hours 375 units 2 hours per unit Print Done