Shepard Industries produced 4,000 tables last month. The standard variable manufacturing overhead (MOH) rato used by the company is $24 per machine hour. Each table requires 0.3 machine hours. Actual machine hours used last month were 1,170, and the actual variable MOH rate last month was $22.00 Requirements 1. Calculate the variable overhead rate variance. 2. Calculate the variable overhead efficiency variance. Requirement 1. Calculate the variable overhead rate variance. Begin by determining the formula for the variable overhead rate variance, then compute the variable overhead rate variance. (Enter the variance as a positive number. Enter amounts the formula to the nearest cent and then the final variance amount to the nearest whole de Label the variance as favorable (F) or unfavordole (U)) Variable overhead rate variance Requirement 2. Calculate the variable overhead officiency variance. Begin by determining the formula for the variable overhead officiency variance, then compute the variable overhead efficiency variance. (En the variance as a positive number. Enter amounts in the formula to the nearest cent and then the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Variable overhead efficiency variance Shepard Industries produced 4,000 tables last month. The standard variable manufacturing overhead (MOH) rate used by the company is $24 per machine hour. Each table requires 0.3 machine hours. Actual machine hours used last month were 1,170, and the actual variable MOH rate last month was $22.00 Requirements 1. Calculate the variable overhead rate variance. 2. Calculate the variablo overhead efficiency variance. Requirement 1. Calculate the variable overhead rate variance. Begin by determining the formula for the variable overhead rate variance, then compute the variable overhead rate variance. (Enter the variance as a positive number. Enter amounts in the formula to the nearest cent and then the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) Variable overhead rate variance R Actual hours B Actual rate erhead officiency variance ariable overhead officiency variance, then compute the variable overhead efficiency variance. (Enter mounts in the formula to the nearest cent and then the final variance amount to the nearest whole or unfavorable (U)) Variable overhead efficiency variance Actual quantity purchased Standard hours allowed Standard rate