Handerson Corporation makes a product with the following standard costs: 
The company reported the following results concerning this product in August.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The variable overhead efficiency variance for August is:
Definitions:
Probability
The degree to which something is likely to happen, quantified as a number between 0 (impossible) and 1 (certain).
P-Values
Probabilities used to quantify the significance of findings, or the likelihood that the observed data occurred by chance under the null hypothesis.
Null Hypothesis
A statement in statistical analysis that assumes no significant difference or effect, serving as the default assumption to be tested against an alternative hypothesis.
Level Of Significance
A threshold used in hypothesis testing to determine whether to reject the null hypothesis, commonly set at 0.05, indicating a 5% risk of concluding that a difference exists when there is none.
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