Required information Use the following information for the Exercises below. (Static) [The following information applles to the questions displayed below.] Sedona Company set the following standard costs for one unit of its product for this year. The $5.60($4.00+$1.60) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 37,500 units, which is 75% of the factory's capacity of 50,000 units per month. The following monthly flexible budget information is available. During the current month, the company operated at 70% of capacity, direct labor of 340,000 hours were used, and the following actual overhead costs were incurred. Compute the variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, of "Rate per unit" to 2 decimal places.)