Great, Inc. uses a standard cost system and provides the following information (Click the icon to view the information.) Great allocates manufacturing overhead to production based on standard direct labor hours. Great reported the following actual results for 2024 actual number of units produced, 1,000, actual variable overhead, $5,000, actual fixed overhead, $3,500, actual direct labor hours, 1,700. 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 C Formula Variance 4

Geat, Inc uses a standard cost system and provides the following inflomation ER. 1Cick the icon to view the information. Great allocates maenulachuring overhead to production based on scandard diect laboe hours Great reported the following actual results for 2024 actual rumber of units produced 1.000: actual variable overthead, 55000 , actual foced overthead 53.500 , actual deect lebor hours 1.700 Read the requirements Requurement 1, Compote the varlable evothead cout and elticiency vaiances and fxnd ovechead cost and volunse variances Begin with the variable ovethead cost and efficiency variances Select the required formulas, conpate the variable overhead cost and efficiancy variances, and isentify mether each yarabile sverthad) Geat, Inc uses a standard cost system and provides the following inflomation ER. 1Cick the icon to view the information. Great allocates maenulachuring overhead to production based on scandard diect laboe hours Great reported the following actual results for 2024 actual rumber of units produced 1.000: actual variable overthead, 55000 , actual foced overthead 53.500 , actual deect lebor hours 1.700 Read the requirements Requurement 1, Compote the varlable evothead cout and elticiency vaiances and fxnd ovechead cost and volunse variances Begin with the variable ovethead cost and efficiency variances Select the required formulas, conpate the variable overhead cost and efficiancy variances, and isentify mether each yarabile sverthad)