A. Prepare a flexible budget for Rapid Lab

B. Compute the variable overhead spending variance

C. Compute the variable overhead efficiency variance

D. Compute the fixed overhead variance

Note: need step by step solution please, thanks!

Part XIV: Standard Costs and Variances 195 14.1: Rapid Lab ase Preparing a fhexible budget and computing variances Lab is an independent lab that provides online results for two types of DNA A and Test B-within two hours of receipt of the materials to be analyzed. Rapid Lab's manager, was busy pre- During December 2015, Candice Brennan, minutes a January overhead budget for the lab. should require 10 Supervi Historical performance standards suggested that Test A time. supervisory time and B should require 30 minutes of supervisory per machine $2 sory costs are projected at $40 hour, including fringe benefits, and supplies Test A's and supplies costs are per test. Test be January costs are $8 per test. Monthly fixed costs for Rapid Lab are estimated to for Candice used these data to prepare the following monthly budget Total Test B Test A 1,000 $33.333 2,000 $13,333 $20,000 $12,000 $8,000 $4,000 Test quantity Supervisory costs $45,333 $17,333 $28,ooo $5,000 Machine and supplies costs $50.333 Total variable costs Fixed costs $15.11 Total budget Standard variable overhead rate 900 Test B of 2,300 Test A nalyses nd time were incurred. During the month of January, minutes of A and for Test of $5,100 analyses and 5 $2 for Test which consist ged Machin and costs for January were Actual total overhead costs and $45,900 of variable costs. of fied