c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for October. What impact did this figure have on the company's income statement? 3. Pick out the two most significant variances that you computed in (1) above. Explain to Mr. Santiago possible causes of these variances. c. Variable overhead rate and efficiency variances. 2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for October. What impact did this figure have on the company's income statement? 3. Pick out the two most significant variances that you computed in (1) above. Explain to Mr. Santiago possible causes of these variances