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, $5,000; actual fixed overhead, $3,500; actual direct labor hours, 1,700. 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.) Formula Variance VOH cost variance VOH efficiency variance Data Table S2.200 $3,300 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units 1,100 hours 550 units 2 hours per unit Standard direct labor hours Print Done