! 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) 5,400 hours 5,900 hours Actual variable overhead rate per machine hour $ 4.25 Standard variable overhead rate per machine hour $ 4.05 Compute the variable overhead variance and identify it as favorable or unfavorable. Actual Cost Standard Cost 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 Compute the variable overhead spending variance and the variable overhead efficiency variance and identify each as favorable or unfavorable. Actual Cost $ Flexible Budget 5,400 hours 5,900 hours $ 4.25 $ 4.05 0 0 Standard Cost