An engineering firm has a standard variable overhead rate of 40 per machine hour. Standard machine hours allowed per unit is 5. For a month, budgeted output was 1,200 units, and actual output achieved was 1,100 units. Total actual variable overheads were 235,000 for 5,800 actual machine hours worked. Calculate the Variable Overhead Expenditure Variance and Variable Overhead Efficiency Variance.

A manufacturing company has established standard costs for one of its products. The standard quantity of material required per unit is 5 kg at a standard price of ₹4 per kg. During a particular month, the company produced 1,000 units and used 5,500 kg of material at an actual price of ₹5 per kg. In addition, the standard labor time per unit is 2 hours at ₹10 per hour, but actual labor hours worked were 2,200 hours at ₹12 per hour. Which of the following statements are correct regarding variances? 1. Material Price Variance is adverse. 2. Material Usage Variance is adverse. 3. Labour Rate Variance is favourable. 4. Labour Efficiency Variance is adverse. Select the correct answer using the code below:

A company requires 5 kg of raw material for 1 unit of finished product, at a standard price of 400 per kg. It produced 2,000 units and consumed 10,500 kg of raw material, costing 4,095,000. Calculate the Material Usage Variance using the standard mathematical sign convention.