Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February: Units produced 131,800 0.2 Standard direct labor hours per unit Standard fixed overhead rate (per direct labor hour) Budgeted fixed overhead $2.30 $64,300 Actual fixed overhead costs $69,000 Actual hours worked 26,800 Required: 1. Calculate the fixed overhead spending variance using the formula approach. 2. Calculate the volume variance using the formula approach. $ 3. What if 127,800 units had actually been produced in February? What impact would that have had? Indicate what the new variances would be below. Fixed Overhead Spending Variance Volume Variance