Coral Corporation uses a standard cost system in which it applies manufacturing overhead to products on the basis of standard machine-hours (MHs). The company has provided the following data for the most recent month: Budgeted level of activity Actual level of activity Standard variable manufacturing overhead rate Actual total variable manufacturing overhead 9,300 machine-hours 9,500 machine-hours $8.00 per machine-hour $73,320 What was the variable overhead rate variance for the month? Multiple Choice $1,080 Favorable $1,418 Favorable $2,680 Favorable $1,600 Unfavorable