7 A company applies overhead using machine hours. Additional information follows. Standard variatie overhead rate Actual variable overheat rate Standard hours of machine uns (for actual, production) Actual hours of machine www AH-Actual Hours AVR Actual Variable Rate SH Standard Hours $ 5.60 e sachine bouE $500 per machine bour 5,000 hours 150 Bours SVR Standard Variable Rate Compute the variable overhead spending, efficiency variances and the total variable overhead variance. Identity each variance as favorable or unfavorable. Note: indicate the effect of each variance by selecting favorable, unfavorable, or no variance. A Variable Overtad Plexible Budget Vertable Oir $ 01 of Standard Applied Vartabix OH