City Meals, lnc. (CMI) operates an meal hom-delivery service. It has agreements with 20 restaurants to pick up and deliver meals to customers who phone or fax orders to CMI. CMI allocates variable and fixed overhead costs on the basis of delivery time. CMI'S owner, Jason Parker, obtains the following information for May 2014 overhead costs: Requirements Compute spending and efficiency variances for CMI'S variable overhead in May 2014. Compute the spending variance and production-volume variance for CMI'S fixed overhead in May 2014. Comment on CMI'S overhead variances and suggest how Jason Parker might manage CMI'S variable overhead differently from its fixed overhead costs. Requirement Compute spending and efficiency variances for CMI'S variable overhead in May 2014. (Round interim calculations to the nearest dollar. If no variance exists leave the dollar value blank. Label the variance as favorable (F). unfavorable (U) or never a variance (N).)