The following information is available from the Tyro Company

Assuming that Tyro uses a three-way analysis of overhead variances, what is:

(a) overhead spending variance,

(b) overhead efficiency variance.

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Actual factory overhead..... Fixed overhead expenses, actual. Fixed overhead expenses, budgeted... Actual hours............. $15,000 $ 7,200 $7,000 3,500 Standard hours...... Variable overhead rate per direct labor hou.......... 3,800 $2.50