15. variable overhead rate variance. 16. variable overhead efficiency variance. 17. fixed overhead spending variance. Willow Inc. has provided the following information Standards: Direct materials 10 lb@$2.60/b Direct labor Variable overhead |2 hours@ $18/hour 36.00 Fixed overhead Per unit 26.00 2 hours @ $22.50/hour 45.00 25.00 Total 32.00 Budgeted production = 7,000 units Actual results Materials Direct labor Variable overhead Fixed overhead Units produced 7,400 units 74,950 lbs $192,200 15,530 actual hours $339,500 $286,600 $171,400