Uramilaben [The following information applies to the questions displayedbelow.]Patel and Sons Inc. uses a standard cost system to apply factoryoverhead costs to units produced. Practical capacity for theplant is defined as 53,700 machine hours per year, whichrepresents 26,850 units of output. Annual budgeted fixedfactory overhead costs are $268,500 and the budgetedvariable factory overhead cost rate is $3.20 per unit. Factoryoverhead costs are applied on the basis of standard machinehours allowed for units produced. Budgeted and actual outputfor the year was 20,700 units, which took 42,700 machinehours. Actual fixed factory overhead costs for the yearamounted to $259,300 while the actual variable overhead costper unit was $3.10.Based on the information provided above, what was (a) the variable overheadspending variance for the year, and (b) the variable overhead efficiency variancefor the year? Indicate whether each variance was favorable (F) or unfavorable(U). (Do not round intermediate calculations. Round your final answers to thenearest whole dollar amount.)(a) Spending variance(b) Efficiency variance$4

Name: Uramilaben [The following information applies to the questions display
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Uramilaben [The following information applies to the questions displayedbelow.]Patel and Sons Inc. uses a standard cost system to apply factoryoverhead costs to units produced. Practical capacity for theplant is defined as 53,700 machine hours per ye