Assume the following information appears in the standard cost card for a company that makes only one product: Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours 5 pounds 2 hours 2 hours Standard Price or Rate $11.00 per pound $17.00 per hour $ 3.20 per hour Standard Cost $55.00 $34.00 $ 6.40 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8.000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. . Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance? Multiple Choice o $640 F O $640 U O $665 U d $665 F Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output $300,000 $271,000 60,000 56,000 58,000 What is the fixed overhead budget variance? Multiple Choice $29,000 U $29.000 F $10,000 U $10,000 F