Required information Skip to question [The following information applies to the questions displayed below.] Mosaic Company applies overhead using machine hours and shows the following information. Actual hours of machine use 5,400 hours Standard hours of machine use (for actual production) 5,950 hours Actual variable overhead rate per machine hour $ 5.05 Standard variable overhead rate per machine hour $ 4.90 Compute the variable overhead spending variance and the variable overhead efficiency variance and identify each as favorable or unfavorable.