CBOOK Printer Overhead Application, Overhead Variances, Journal Entries Plmpton Company produces countertop ovens. Pimpton uses a standard costing system. The standard costing systems teles en direct labor dous to assign overhead costs to production. The direct labor standard indicates that two direct labor hours should be used for every even produced. The normal production volume is 100,000 units. The budgeted overhead for the coming year is as follows: Fixed overhead $750,000 Variable overhead 446,000" At normal volume. Plimpton applies overhead on the basis of direct labor hours. During the year Pimpton produced 97,000 units, worked 196.000 direct labor hours, and incurred actual fixed overhead costs of 3770.500 and variable overhead costs of $437,540. Required: 1. Calculate the standard fixed overhead rate and the standard variable overhead rate. Round your answers to the nearest cent. Use rounded in the subsequent computations Standard fixed overhead rate per direct labor hour Standard variable overhead rate per direct labor hour 2. Compute the applied fored overhead and the applied variable overhead. Use the application rates from part (1) in your calciation Fixed Variable 2. Compute the appiled fixed overhead and the applied variable overhead. Use the application rates from part (1) in vout calculations Fixed Variable What is the total fixed overhead variance? What is the total variable overhead variance? 3. Break down the total fixed overhead variance into a spending variance and a volume variance