The following data for January have been provided by Hillin Corporation, a producer of precision drills for oil exploration: 
Required:
Compute the variable overhead rate variances for indirect labor and for power for January. Indicate whether each of the variances is favorable (F) or unfavorable (U). Show your work!
Definitions:
Oligopoly
A market situation in which a small number of sellers constitutes the entire industry. It is competition among the few.
Cartel Arrangements
Agreements among competing firms to control prices or exclude entry of a new competitor in the market, often resulting in anticompetitive behavior.
Oligopolists
Firms or individuals that control the market for a particular good or service in an oligopoly, where a small number of entities dominate.
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