A You are required to calculate the overhead variances of Raymond Ltd. The budget is prepared as:

(a) Total budgeted variable overhead \(£ 100,000\).

(b) Total budgeted fixed overhead \(£ 125,000\).

(c) Budgeted volume of production 50,000 direct labour hours of 250,000 units.

The actual results turn out to be:

(d) Actual variable overhead \(£ 96,500\).

(e) Actual fixed overhead \(£ 129,400\).

(f) Actual volume 52,000 direct labour hours which resulted in 244,000 units.