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	132,000
Standard direct labor hours per unit	0.2
Standard fixed overhead rate (per direct labor hour)	$2.20
Budgeted fixed overhead	$64,400
Actual fixed overhead costs	$68,900
Actual hours worked	26,500

Required:

1. Calculate the fixed overhead spending variance using the formula approach. $fill in the blank 1

2. Calculate the volume variance using the formula approach. $fill in the blank 3

3. What if 127,400 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	$fill in the blank 5
Volume Variance	$fill in the blank 7