Hastings Company bases its variable overhead performance report on the actual direct labour-hours of the period. Data concerning the most recent year, which ended on December 31, are as follows: Budgeted direct labour-hours 42,000 Standard direct labour-hours allowed 45,000 Cost formula (per direct labour-hour): Indirect 1abour Supplies Electricity 0.90 $ 0.15 0.05 Actual costs incurred: $ 42,000 $ 6,900 S Indirect labour Supplies Electricity 1,800 Required Prepare a variable overhead performance report. Compute both variable overhead spending and efficiency variances. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) HASTINGS CORPORATION Variable Overhead Performance Report For the Year Ended December 31 Flexible Budget Based Flexible Actual Costs Budget Based on 45,000 DLHS Efficiency Variance Spending Variance Cost Formula Overhead Costs In-curred Total Variance on 44,000 DLHS 44,000 DLHS Indirect labour 0.90 Supplies Electricity 0.15 0.05 Total variable overhead cost $ 1.10