Budgeting and Variance Analysis for Fixed Overhead Costs with Volume and Spending Variances: A company prepares a flexible budget for fixed overhead costs based on the following information:

Budgeted production volume: 12,000 units

Fixed overhead costs: $80,000 During the period, actual production volume was 11,500 units, and actual fixed overhead costs incurred were $78,000. Calculate the fixed overhead volume variance and fixed overhead spending variance.