Question: Raven applies overhead based on direct labor hours. The variable overhead standard is 8.0 hours at $17.0 per hour. During July, Raven spent $476,700 for

Raven applies overhead based on direct labor hours. The variable overhead standard is 8.0 hours at $17.0 per hour. During July, Raven spent $476,700 for variable overhead. 24,390 labor hours were used to produce 3,200 units. What is the variable overhead efficiency variance?

Multiple Choice

$20,570 favorable
$360,230 favorable
$62,070 favorable
$62,070 unfavorab

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