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 131,100 Standard direct labor hours per unit 0.2 Standard fixed overhead rate (per direct labor hour) $2.30 Budgeted fixed overhead $64,200 Actual fixed overhead costs $68,900 Actual hours worked 26,500 Required: 1. Calculate the fixed overhead spending variance using the formula approach. $ 2. Calculate the volume variance using the formula approach. $ 3. What if 127,200 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