McDormand, Inc., reported a $1,600 unfavorable price variance for variable overhead and a $16,000 unfavorable price variance for fixed overhead. The flexible budget had 027,200 variable overhead based on 34,240 direct labor-hours; only 33,920 hours were worked. Total actual overhead was 4,400. The number of estimated hours for computing the fixed overhead application rate totaled 35,200 hours. Required: a. Compute the following variable overhead variances. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Price variance Efficiency variance Variable overhead cost variance