Young, Inc., has gathered the following data on last year’s operations: lop5 Units produced: 28,000 Direct labor: 20,000 hours at $9 Actual fixed overhead: $280,000 oe aoActual variable overhead: $92,000 Young employs a standard costing system. During the year, the following rates were used: standard fixed overhead rate, $12 per hour; standard variable overhead rate, $4.05 per hour. The labor standard requires 0.75 hour per unit produced. (These rates were based on a standard normal volume of 22,500 direct labor hours.)

Required:

1. Compute the variable overhead spending and efficiency variances.

2. Compute the fixed overhead spending and volume variances.