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 2024: actual number of units produced, 1,000; actual variable overhead, $2,000; actual fixed overhead, $2,600; actual direct labor hours, 1,200. Read the requirements. Requirement 1 Begin with the Requirements actual quantity; 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. VOH cost varia 2. Explain why the variances are favorable or unfavorable. VOH efficiency Print Done an Data table he Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $1,200 $1,600 800 hours 400 units 2 hours per unit Print Done - unfavorable (U). (Abbreviations used: AC = actual cost; AQ =