X Data Table t + $2,300 $3,450 Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours 1,150 hours 575 units 2 hours per unit Print Done X Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable. Print Done Grand, Inc. uses a standard cost system and provides the following information Click the icon to view the information) Grand allocates manufacturing overhead to production based on standard direct labor hours. Grand reported the following Read the requirements Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume varian Begin with the variable overhead cost and efficiency variances Select the required formulas, compute the variable overhea cost; SQ = standard quantity, VOH = variable overhead) Formula Variance VOH cost variance VOH efficiency variance 11 wing information standard direct labor hours Grand reported the following actual results for 2024 actual number of units produced, 1,000, actual variable overhead, 53.800, actual fix blowing actual results for 2034 actual number of units produced, 1000, actual variable overhead, 3800, actual fund overhead, 3.500, actual direct labor hours, 1.200