Required: Calculate the following variances for the month: 1. Variable overhead spending variance (3 marks) VOHSV = Actual VOH - SVOR X AH 2. Variable overhead efficiency variance (3marks) VOHEV = (AH-SH) x SVOR Show your final answer to two decimal places. You may include all working in your answer. Long Tables Ltd. manufactures large outdoor tables using pinewood. The company uses a standard cost system and a flexible budget for manufacturing costs. Standard cost details manufacturing one table is as follows: Direct material (11 metres @ $6/m) $66.00 Direct labour (2.5 hrs @ 17.50/hr) $43.75 Variable overhead Fixed overhead Total $37.50 $52.50** $199.75 ** Denominator level of capacity is 100 tables Factory overhead is applied on the basis of direct labour hours. During the month: 600 meters of pinewood was purchased at a rate of $5.10 per metre. Total direct labour expense was $4,625, for 185 hours of work to make 85 tables. Stocktakes showed 950 meters of pinewood was used in production. The total overhead incurred was $4600 of which $3750 was fixed. Note: Data for this question can also be found on a worksheet 'Q6' within the excel file: 22321 - Practice final exam (Spring 2022).xlsx . Click the down arrow after the file name to download the file.