Good Deal, Inc. is a competitor of Bargain, Inc. Good Deal also uses a standard cost system and provides the following information (Click the icon to view the information.) Good Deal allocates manufacturing overhead to production based on standard direct labor hours. Good Deal reported the following actual results for 2016 actual number of units produced, 1,000, actual variable overhead, $2,400, actual fixed overhead, $2.900, actual direct labor hours, 1,300 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. SO standard quantity, VOH = variable overhead) Formula Variance VOH cost variance VOH efficiency variance 4