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:
Installment Note
A debt instrument that requires the borrower to make regular payments of principal and interest over a specified period until the debt is paid in full.
Issue Price
The price at which a company's securities, such as bonds or shares, are first sold to the market.
Registered Bonds
Registered bonds are securities that are recorded in the name of the holder on the issuing company's books, ensuring that interest payments are made to the registered owner.
Finance Leases
Leasing agreements that transfer substantially all risks and rewards of ownership of the asset from the lessor to the lessee.
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