Question 7 (5 points) Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: Standard Standard Price or Ra Quantity Direct materials 5.8 pounds $0.60 per pr Direct labor 0.5 hours $ 33.50 per h Variable manufacturing overhead 0.5 hours $8.50 per h During March, the following activity was recorded by the company: The company produced 2,400 units during the month. A total of 19.400 pounds of material were purchased at a cost of $13.580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3.620 pounds of material remained in the warehouse. During March, 1.090 direct labor hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14.061. The variable overhead efficiency variance for March is: $1.060 F $1,060 U $935 U $935 F Pago 54