At the beginning of the year, Raydom Company had the following standard cost sheet for one of its chemical products:
Direct materials (5 lbs. @ $6.40) ....... $32.00
Direct labor (2 hrs. @ $18.00) ........ 36.00
Fixed overhead (2 hrs. @ $4.00) ....... 8.00
Variable overhead (2 hrs. @ $1.50) ..... 3.00
Standard cost per unit ........... $79.00
Raydom computes its overhead rates using practical volume, which is 144,000 units. The actual results for the year are as follows:
a. Units produced: 140,000
b. Direct labor: 290,000 hours at $9.05
c. Fixed overhead: $1,160,000
d. Variable overhead: $436,000

Required:
1. Compute the variable overhead spending and volume variances.
2. Compute the fixed overhead spending and efficiency variances.