The following data for May have been provided by ABC Corporation, a producer of precision drills for oil exploration Budgeted production 4,700 drills Standard machine hours per drill 2 machine hours Standard indirect labor $1 20 per machine hour Standard power $1 00 per machine hour Actual production 4,890 drills Actual machine hours 8,110 machine hours Actual indirect labor $8,890 Actual power $8,384 Required Compute the variable overhead rate variances for indirect labor and for power for May Indicate whether each of the variances is favorable (F) or unfavorable (U)

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Question: The following data for May have been provided by ABC Corporation, a producer of precision drills for oil exploration: Budgeted production 4,700 drills Standard machine-hours

The following data for May have been provided by ABC Corporation, a producer of precision drills for oil exploration:


Budgeted production	4,700	drills
Standard machine-hours per drill	2	machine-hours
Standard indirect labor	$1.20	per machine-hour
Standard power	$1.00	per machine-hour
Actual production	4,890	drills
Actual machine-hours	8,110	machine-hours
Actual indirect labor	$8,890
Actual power	$8,384

Required: Compute the variable overhead rate variances for indirect labor and for power for May. Indicate whether each of the variances is favorable (F) or unfavorable (U).

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