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What is the variable overhead efficiency variance

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Reference no: EM131744950

Question - The data below relate to a product of AirWay Company.

Standard costs:

 

Labor, 3 hours at $15 per hour

$45 per unit

Variable overhead at $8 per labor hour

$24 per unit

Budgeted fixed production costs

$140,000 per year

Budgeted production for the year

4,000 units

Actual results were:

 

Production

3,600 Units

Labor, 10,360 hours

$160,580

Overhead incurred ($142,700 fixed)

$222,200

Required: (Be sure to indicate whether the variances are favorable or unfavorable.)

a. What is the variable overhead efficiency variance?

b. What is the variable overhead price variance?

c. What is the fixed overhead budget variance?

d. What is the fixed production volume variance?

Reference no: EM131744950

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