The following information was provided about the activity of a company for the financial year ended 30 June 2020. The company uses normal costing.

Overheard driver	Machine hours
Direct labour cost	$20 per hour
Budgeted manufacturing overhead for the period	$840,000
Budgeted machine hours for the period	28,000
Budgeted direct labour hours for the period	70,000
Actual machine hours for the period	26,500
Actual direct labour hours for the period	65,200
Direct materials used in production	$500,000
Indirect materials used in production	$20,000
Factory Electricity	$100,000
Factory Rent	$250,000
Factory supervisors salaries	$200,000
Factory equipment depreciation	$220,000

How much is the amount of overhead variance (the difference between applied overhead and actual overhead) for the period? (1 mark)

In your answers, include numbers only. No text, no commas, no signs or symbols etc.

$ Answer