Overhead Variances
Lima Parts, Inc., shows the following overhead information for the current period:
|
Actual overhead incurred |
$58,800, 2/3 of which is variable |
|
Budgeted fixed overhead |
$17,280 |
|
Standard variable overhead rate per |
|
|
direct labor hour |
$18 |
|
Standard hours allowed for |
|
|
actual production |
2,350 hours |
|
Actual labor hours used |
2,200 hours |
Required
What are the variable overhead price and efficiency variances and fixed overhead price variance?