The following standards for variable manufacturing overhead have been established for a company that makes only one product: 
The following data pertain to operations for the last month: 
Required:
a)What was the variable overhead spending variance for the month?
b)What was the variable overhead efficiency variance for the month?
Definitions:
Unconsummated Transaction
A business deal or trade that has been negotiated but not finalized or completed.
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Capitalism
An economic system characterized by private ownership of the means of production, competition, and the pursuit of profit.
Self-Interest
Self-interest is a concept in economics that denotes individuals acting in pursuit of their own benefits, often driving economic transactions and market allocations.
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