Grand, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Grand allocates manufacturing overhead to production based on standard direct labor hours. Grand reported the following actual results for 2024: actual number of units produced, 1,000; actual variable overhead, $2,500; actual fixed overhead, $2,800; actual direct labor hours, 1,200. 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; SQ standard quantity: VOH = variable overhead.) VOH cost variance VOH efficiency variance Formula Variance 024 20 Read Req Begi effici actu WOH WOH Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours $1,200 $2,400 800 hours 400 units 2 hours per unit Print Done - X rh C (A va 1.200 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. Print Done - X - ost a e th ation over