Balladares Inc.has a standard cost system.Variable manufacturing overhead is applied to products on the basis of direct labor-hours.The standard for variable manufacturing overhead is 0.10 hours at $6.30 per hour.The company has reported the following actual results for the product for May: 
Required:
a.Compute the variable overhead rate variance for May.
b.Compute the variable overhead efficiency variance for May.
Definitions:
Contra-Asset Account
A contra-asset account is an account used in a ledger to reduce the value of a related account. It has a credit balance and is used to adjust the value of an asset account to its net value.
Consignment-In
A transaction arrangement where goods are placed in the care of another party to sell, but ownership and title remain with the supplier until sale.
Credit Balance
A situation where the total credits in an account exceed the total debits, often reflecting a company's liability or revenue.
Notes Receivable
Claims or promissory notes that entitle the holder to receive payments from debtors, typically in the future, and recorded as assets on the balance sheet.
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