Brief Exercise $11-7$ Computing Fixed Overhead Variances $($LO$2-$ CC$11,12)$

LatAm Inc. has a standard costing system in which it applies overhead to products on the basis of the standard direct labour$-$hours allowed for the actual output of the period. Data concerning the most recent year appear below:

$\backslash$table$[[$Total budgeted fixed overhead cost for the year,$$500,000$