Calculate the variable overhead price variance

Reference no: EM131883515

Problem

JM Company uses standard costing. The company reported the following information for the current period:

Actual overhead incurred $15,000 of which $5,000 is fixed
Budgeted fixed overhead $4,800
Variable overhead rate per machine hour $5.00
Standard machine hours allowed for production 1,950
Actual machine hours used 2,200

Calculate the following variances:
1) Variable overhead price variance
2) Variable overhead efficiency variance
3) Total variable overhead variance
4) Total fixed overhead variance.

Reference no: EM131883515

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