The following standards for variable 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 is the variable overhead rate variance for the month?
b.What is the variable overhead efficiency variance for the month?
Definitions:
Materials Price Variance
The difference between the actual cost of materials used and the standard cost, multiplied by the actual quantity of materials used.
Production Manager
An individual responsible for overseeing the production process, ensuring efficiency, meeting production targets, and maintaining quality standards.
Labor Rate Variance
The difference between the actual labor cost incurred and the standard labor cost for the actual hours worked.
Hourly Rates
The amount charged or paid for each hour of labor or service.
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