Overhead variances King Company estimates that it will operate its manufactur- ing facilities at 800,000 direct labor hours for the year. The estimate for total budgeted overhead is $2,000,000. The standard variable overhead rate is estimated to be $2 per direct labor hour or $6 per unit. The actual data for the year are presented below:

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Actual finished units.... Actual direct labor hours Actual variable overhead Actual fixed overhead 250,000 764,000 $1,610,000 REQUIRED Respond to the following question by selecting the best answer. 1. The variable overhead spending variance for the year is a. $2,000 F d. $110,000 U 2. The overhead efficiency variance for the year is a. $28,000 U d. more information needed. $392,000 b. $10,000 U c. $82,000 U e. none of the above. b. $100,000 U c. $110,000 U e. none of the above. a. $8,000 F b. $10,000 U c. $17,000 U d. $74,000 U e. none of the above 4. The overhead volume variance for the year is a. $7,000 U b. $25,000 U c. $41,667 U d. $18,000 F e. none of the above. 3. The fixed overhead spending variance for the year is