Good Deal, Inc. uses a standard cost system and provides the following information. Ei.3 (Click the icon to view the information.) fixed overhead, $3,500; actual direct labor hours, 1,500. Read the recuirements, Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. (Abbreviations used: AC= actual cost; AQ= actual quantity; FOH= fixed overhead; SC= standard cost; SQ= standard quantity; VOH= variable overhead.) Get more help - Data table Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable