Grand, Inc. uses a standard cost system and provides the following intormation. IIt (Click the icon to view the information.) Grand alocates manufacturing overhead to production based on standard direct labor hours. Grand reportid the following actual results for 2018 : actual number of units produced, 1,000 ; actual vanable overhead, $5,000, actual fored overhead, $3,500; actual direct labor hours, 1,400 . Read the requitements. Requirement 1. Comqute the variable overtiead cost and efficiency vanances and fixed ovechead cot and volume variances Begin with the variable overhead cost and afficiency variances. Select the required formulas, compulte the variable oviresead cost and elficiency variances, and identify whether each varance a taworable (F) or unfavorable (L). (Abberevations used AC= actual cost, AQ= actual cuantity; FOH = Cred ciechead; SC= standard cost, so = standard quantity; VOH = variable overtead.) 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. Data table