Calculate the varialbe overhead spending variance

Reference no: EM131928489

Problem

Newmark Industries uses standard costing. One of their products has a labor standard of 2 hours per unit. Newmark's predetermined variable overhead rate is $4 per labor hour. In December, Newmark produced 17,000 units of product using 33,500 labor hours. Actual Variable overhead was $140,000 in December. Calculate the varialbe overhead spending variance and variable overhead efficiencly variance.

Reference no: EM131928489

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