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Compute LLLs variable overhead rate variance

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Question - Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows:

Standard Quantity Standard Rate Standard Unit Cost

Variable manufacturing overhead 0.6 $0.80 $0.48

During August, LLL had the following actual results:

Units produced and sold 24,500

Actual variable overhead $ 9,440

Actual direct labor hours 15,500

Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for Favorable/Overapplied and "U" for Unfavorable/Underapplied.)

Reference no: EM131725038

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