1) ABC Inc. spent a total of $46,040 on factory overhead. Of this, $26,000 was fixed overhead. ABC Inc. had budgeted $25,000 for fixed overhead. Actual machine hours were 4,800. Standard hours for units made were 4,700. The standard variable overhead rate was $4.30.

-Determine the actual variable overhead by factoring in the fixed component. Compare this amount to the actual machine hour amount to determine if there a favorable or unfavorable rate variance. (HINT: The standard variable overhead rate is used during the calculation process)

What is the variable overhead rate variance? Enter the amount as positive number.

2) Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 3 hours of labor to produce 1 unit of final product. In February, Queen Industries produced 11,000 units. The standard cost for labor allowed for the output was $132,000, and there was an unfavorable direct labor time variance of $5,920.

If the workers were paid $4.10 per hour, what was the direct labor rate variance? Round your answer to two decimal places.

(Remember that the actual amount is compared to the standard amount to calculate the variance. This is applied to the actual hours worked.)