Premium, Inc uses a standard cost system and provides the following information (Click the icon to view the information.) Premium allocates manufacturing overhead to production based on standard direct labor hours. Premium reported the following actual results for 2024 actual number of units produced, 1,000 achal variatie at 35,000 actual foxed overhead, $3,500; actual direct labor hours, 1,800 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 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 Formula Variance Clear all Check answer