Standard direct labor hours budgeted by Turner Company for February production were 2,000. Factory overhead at that level was budgeted at $10,000, of which $3,000 is variable. Actual direct labor hours for the month were 1,900. The standard labor hours allowed for actual February production are 2,050. Actual factory overhead for the month was $10,500.
Required:
Compute the overall factory overhead variance and the spending variance, the variable efficiency variance, and the volume variance. Indicate whether the variances are favorable or unfavorable.