A company allocates manufacturing overhead costs using assembly hours. Standard assembly times are 3.5 hours for 1 unit. The company expect to complete 40,000 units in the period. Fixed overhead is expected to be $300,000. Standard variable overhead is set based on expected assembly hours at $2 per hour. Budgeted volume for the year was 150,000 assembly hours. Actual overhead incurred during the year was $508,000; the company completed 42,000 units using 3 hours of assembly per unit. Required: Calculate the over or underabsorbed overhead costs. Ensure to calculate the overhead spending variance, the overhead efficiency variance and the overhead volume variance