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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct...

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Accounting

Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLLs standard cost card follows:

Standard Quantity Standard Rate Standard Unit Cost
Variable manufacturing overhead 0.6 $0.80 $0.48

During August, LLL had the following actual results:

Units produced and sold 26,000
Actual variable overhead $ 9,560
Actual direct labor hours 16,700

Required:

Compute LLLs variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead.

Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).

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