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?