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

(a) Total budgeted variable overhead \(£ 400,000\).

(b) Total budgeted fixed overhead \(£ 160,000\).

(c) Budgeted volume of production 80,000 direct labour hours for 40,000 units.

The actual results turn out to be:

(d) Actual variable overhead \(£ 403,600\).

(e) Actual fixed overhead \(£ 157,200\).

(f) Actual volume 78,500 direct labour hours which resulted in 42,000 units of production.