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Question: Rosemary Corporation is an exclusive jewelry designer and manufacturer. The following standard costs were developed for one of their products: Standard Cost per Unit Total Variable overhead 16 hours @ $45 per hour $ 800 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced 50 units Total actual direct labor hours 1,800 hours $32,000 Actual variable manufacturing overhead incurred 60 units Budgeted units for the period Required: Calculate the variable overhead variances. Use your answer to answer the following questions. NOTE: Please enter all variances as positive numbers, NOTE: Please enter all variances as positive numbers. The amount of the variable manufacturing overhead spending variance for the period is $ Indicate if the variable manufacturing overhead spending variance is favourable (enter the letter F) or unfavourable (enter the letters UF). The amount of the variable manufacturing overhead efficiency variance for the period is $ A/ Indicate if the variable manufacturing overhead efficiency variance is favourable (enter the letter F) or unfavourable (enter the letters UF). A/ Page 13 of 13 Question 2 (1 point) Which of the following is true regarding a flexible budget? a) A flexible budget can only be created for one production level Ob) A flexible budget is only used to compare actual results to budgeted outcomes. Oc) Flexible budget is another name for the static budget d) A flexible budget can only be created at the start of the year e) A flexible budget can be created for multiple production levels