The following are the budgeted results at normal capacity of Boomerang Limited for June $2022$

Fixed overheads $$27000$

Variable overheads $$22500$

Labor hours $15000$ hours

According to the standard, it takes $7\mathrm{.}5$ hours to manufacture one product.

Actual results:

Fixed overheads $$27000$

Variable $$22400$

Labor hours worked $16000$ hours

Units manufactured $2100$ units

Required

Calculate the following overhead variances:

i$)$ Expenditure

ii$)$ Volume

iii$)$ Efficiency

iv$)$ Capacity

v$)$ Total variance

vi$)$ Test the correctness of your variances