ED planned and produced 500 units in the month of July 2023. The table below shows the budgeted and actual information on variable overhead cost incurred by ED for the month of July 2023. Standard Rate Standard Hours Total Actual Cost Variable Overhead $4.20 per hour 0.75 hours per unit $1,990 Calculate the Total Variable Overhead Variance and state the favourability of the variance. Show your workings clearly. [3 marks]