Best, ine uses a standard cost system and provides the following irformation (Click the icon to view the information) Best aliocates manutacturiog overhead to production based on standard direct labor hours. Bost roported the following actual resuts for 2018: actual number of unts produced, 1,000 ; actual variable overhead, 33,600 , actual fixed overhead, $3,400; actual direct bbor hours, 1,500, Pood the resuirements Requirement 1. Compute the variable cverhead cost and eficiency variances and foved overheod cost and volume variances. Begin with the varabie overthesd cost and efficengy variances. Select the required formulas, compuse the variable overhead cost and efficiency variances, and identify whether each variance is tavorabie (F) or unfavorable (U) (Abbewlations used: AC= actual cost, AQ = actual quanthy; FOH = fxed overhead; SC= standard cost SO= standard quantly; VOH = variable overtead, Data table Requirements 1. Compute the vartable ovorhead cont and efficlancy viriancos and finod overhead cost and volume variances 2. Explain why the variances are tavorabie or unfavorable