2.2 2.2.1 Labour rate variance (2 marks) 2.2.2 Labour efficiency variance (2 marks) 2.2.3 Variable overheads efficiency variance (2 marks) Variable overheads expenditure variance (2 marks) INFORMATION Nevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 per labour hour. Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurred was R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.