Canvas EXCO Question 7.14 pts Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 5 Ounces $3.00 per ounce $ 16.80 Direct labor hours $10.00 per hour $ 3.00 Variable overhead 03 hours $7.00 per hour 5 2.10 03 Originally budgeted output 4.000 units Actual output 4,000 units Raw materials used in production 20,600 ounces Purchases of raw materials 21.700 ounces Actual direct labor-hours 540 hours Actual cost of raw materials purchases $42.700 Actual direct labor cost $14,000 Actual variable overhead cost $4.000 Compute the variable overhead ethiciency variance, where the company applies variable overhead on the basis of direct labor hours 54.818 F 5620 54.818 $4.620 U