! Required information [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 Standard hours of machine use (for actual production) Actual variable overhead rate per machine hour Standard variable overhead rate per machine hour 4,700 hours 5,000 hours $ 4.15 $ 4.00 Compute the variable overhead variance and identify it as favorable or unfavorable. Actual Cost Standard Cost