Grand, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Grandallocates manufacturing overhead to production based on standard direct labor hours. Grandreported the following actual results for 2024 actual number of units produced, 1,000; actual variable overhead, $3,800 actual fixed overhead, $3,500 actual direct labor hours, 1,800 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.) 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