During a recent period, the company recorded 11,500 machine-hours of activity. The variable overhead costs incurred were: Supplies $2,400 Maintenance Utilities 1,100 Rework time 5,300 8,000 The budgeted activity for the period had been 12,000 machine-hours. 1. Prepare a variable overhead performance report for the period. Indicate whether Required variances are favorable (F) or unfavorable (U). Show only a spending variance on your report. 2. Discuss the significance of the varianees. Might-some variances be the result of others? Explain. During a recent period, the company recorded 11,500 machine-hours of activity. The variable overhead costs incurred were: Supplies $2,400 Maintenance Utilities 1,100 Rework time 5,300 8,000 The budgeted activity for the period had been 12,000 machine-hours. 1. Prepare a variable overhead performance report for the period. Indicate whether Required variances are favorable (F) or unfavorable (U). Show only a spending variance on your report. 2. Discuss the significance of the varianees. Might-some variances be the result of others? Explain