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Grand, inc. uses a standard cost system and provides the following information. (Click the icon to ver the infornation.) Grand alocales manufacturing overtvad to production based on standard direct labor houns. Grand reported the following actual results for 2024 : actual number of units produced. 1,000; actual variable overhead, $3,800; actual fued overheod, $3,500; actual direct laber hours, 1,300 . Read the resurements. Requirement 1. Compute the variable overhead cost and effoconcy varisnces and fued overthead cost and volume variances Begin with the variable overhead cost and efficiency variances. Select the tequired formulas, compute the variable overtead cost and efficiency variances, and identily whether each variance is Grand, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Grand allocates manufacturing overhead to production based on standard direct labor hours. Grand reported 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, 1,300. Read the 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; 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