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

Fixed overheads $$27000$

Variable overheads $$22500$

Labor hours $$15000$

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$

Units manufactured $ $2100$

Required

Calculate the following overhead variances:

i$)$ Expenditure

ii$)$ Volume

iii$)$ Efficiency

iv$)$ Capacity

v$)$ Total variance

vi$)$ Test the correctness of your variances