Eastern Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standard direct labor-hours (DLHs).The denominator activity level is 60,000 direct labor-hours, or 300,000 units.
• A standard cost card for the company's product follows: 
• Actual data for the year follow: 
Required:
a.Compute the variable overhead rate and efficiency variances.
b.Compute the fixed manufacturing overhead budget and volume variances.
Definitions:
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The phenomenon where groups collectively decide on riskier actions or decisions than individuals would make on their own.
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An individual who focuses primarily on the completion of specific tasks or duties within a group or team setting.
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