Budgeting and Variance Analysis for Variable Overhead Costs with Standard Hours: A company prepares a flexible budget for variable overhead costs based on the following information:

Budgeted standard machine hours: 8,000 hours

Variable overhead rate per machine hour: $6

During the period, actual machine hours worked were 7,500, and actual variable overhead costs incurred were $47,000. Calculate the variable overhead spending variance and variable overhead efficiency variance.