Termeer Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate Variable manufacturing overhead 0.30 hours $2.30 per hour The company has reported the following actual results for the product for August: Actual output 8,000 units Actual direct labor-hours 2,380 hours Actual variable overhead rate $ 2.10 per hour Actual variable overhead cost $ 4,998 The variable overhead efficiency variance for the month is closest to:

Variable overhead efficiency variance= $46 favorable

Explanation:

Giving the following information:

Variable manufacturing overhead 0.30 hours $2.30 per hour

$46 Actual output 8,000 units Actual direct labor-hours 2,380 hours

To calculate the variable overhead efficiency variance, we need to use the following formula:

Variable overhead efficiency variance= (Standard Quantity - Actual Quantity)*Standard rate

Standard quantity= 0.3*8,000= 2,400 hours

Variable overhead efficiency variance= (2,400 - 2,380)*2.3

Variable overhead efficiency variance= $46 favorable

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