$2.$ Calculate the variable overhead cost and efficiency variances.

Zeke's Bikes uses a standard cost system and provides the following information:

Standards:

Static budget variable overhead $$5,170\mathrm{.}00.$

Static budget fixed overhead $$20,700\mathrm{.}00.$

Static budget direct labor hours $360$ hours.

Static budget number of units $24,600$ units.

Static budget direct labor hours $0\mathrm{.}025$ hours per unit.

Actual:

Number of units produced $24,000.$

Actual variable overhead $$5,110\mathrm{.}00$

Actual fixed overhead $$23,900\mathrm{.}00.$

Actual direct labor hours $530.$