Superior, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) labor hours, 1,300 . Read the requirements. Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances actual quantity; FOH= fixed overhead; SC= standard cost; SQ= standard quantity; VOH= variable overhead.) FOH= fixed overhead; SC= standard cost; SQ= standard quantity. ) Data table Requirement 2. Explain why the variances are favorable or unfavorable. The variable overhead cost variance is The variable overhead efficiency variance is The fixed overhead cost variance is The fixed overhead volume variance is because the actual cost per direct labor hour was because management used because the total fixed overhead cost was than the standard cost per direct labor hour. direct labor hours than standard and variable overhead is applied (incurred) based on direct labor than the amount budgeted for total fixed overhead. than the total budgeted fixed overhead cost