[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 4,800 hours 5,250 hours $ 4.90 $ 4.85 Compute the variable overhead spending variance and the variable overhead efficiency variance and identify each as favorable or unfavorable. Actual Cost Flexible Budget $ 0 0 Standard Cost