Premium, Inc. uses a standard cost system and provides the towing information (Cack the icon to view the information) Premium alocates manufacturing overhead to production based on standard direct labor hours. Premium reported the towing actual for 2024 user of an product 1,000 a overhead $5,000 actual fixed overhead, $3,000 actual direct labor hours, 1/400 Read the requrements Requirement 1. Compute the varubie overhead cost and efficiency variances and fixed overhead cost and volume variances Begin with the variable overhead cost and efoency varurces Beect the required formulas, compute the variable overhead cost and eficiency valances, and defy whether sach varie is tvorable unfavorable (U) (Abbreviations used AC actual cost AQ actual querity, FOH feed overhead SC standard cost 50 landand quantity VOH variable overhead VOH cost variance VOH efficiency variance Formula Variance 1000 U 1000