Great, Inc. uses a standard cost systern and provides the following information (Click the icon to view the information.) Great allocates manufacturing overhead to production besed on standard direct labor hours. Great reported the following actual results for 2024 actual number of unts produced 1,000 actual variable overhead, 52,50C, actual fored overhead, S3,200, actual direct labor hours, 1,400 Read the recurrents. Requirement 1. Compute the variable overhead cost and efficiency variances and fixed werhead vust and voluire variances Hegin with the variable westead cost and efficiency variances Select the requred formulas, compute the variable overhead cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U) (Abbreviations used: AC = achual cost Ad = achual quantity FOHfed overhead: SC standard cost; SQ = standard cuantty. VOH = variable overhead.) Formula Variance VOH coat variance VOH efficiency variance X Data table Requirements Static budget variable overhead Static budget fixed overhead S2 100 $200 1.400 hours 703 unita Static budget direct labor hours Static budget number of units Standard direct labor hours 1. Compute the varable overhead cost and efficiency variances and fixed overlegd cost and volume variarices. Explain why the variances are favorable or unfavorabln. 2 hours per unit Print Done Print Done