McDormand, Inc., reported a $2,900 unfavorable spending(price)variance for variable overhead and a $29,000 unfavorable spending (price) variance for fixed overhead. The flexible budget had $1,046,700 variable overhead based on 34,890 direct labor-hours; only 34,050 hours were worked. Total actual overhead was $1,811,400. The number of estimated hours for computing the fixed overhead application rate totaled 37,900 hours. Required: a. Compute the following variable overhead spending and efficiency variances The "cost" variance is the sum of the spending and efficiency variance. The spending variance is also known as the price variance (Do not round intermediate calculations 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