Direct materials Direct labor Variable overhead Standard Quantity or Hours 4.30 grams 0.80 hours 0.80 hours Standard Price or Rate $ 1.80 per gram $19.00 per hour $ 2.80 per hour The company reported the following results concerning this product in July Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate 3,800 units 12,170 grams 2,900 hours 12,900 grams $ 2.00 per gram $ 12.20 per hour $ 2.90 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for July is: Multiple Choice $406U 17 of 35 FENG 4:20 PM 5/28/200 e E O arch 2.90 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for July is: Multiple Choice $406U $406 F $392U $392 F arch O ENG 4:20 5/28