Quality, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Quality allocates manufacturing overhead to production based on standard direct labor hours. Quality reported the following actual results for 2024: actual number of units produced, 1,000; actual variable overhead, $5,000; actual fixed overhead, $2,600; actual direct labor hours, 1,300. 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 (F) or unfavorable (U) (Abbreviations used: AC actual cost; AQ actual quantity: FOH fixed overhead; SC standard cost; SQ standard quantity, VOH variable overhead.) Formula Variance VOH cost variance VOH efficiency variance Now compute the foxed overhead cost and volume variances. Select the required formulas, compute the foxed overhead cost and volume variances, and identify whether each variance is favorable (F) or unfavorable (U) (Abbreviations used: AC actual cost AQ actual quantity; FOH fixed overhead; SC standard cost; SQ standard quantity) FOH cost variance FOH volume variance Formula Requirement 2. Explain why the variances are favorable or unfavorable Variance 0 0 of