Topic: Manufacturing overhead variances Nutty Industries gathered the following information for the month ended March 31: The static budget volume is 9,500 units. Overhead is allocated based on machine hours. Standard machine hour: 1.6 hours per unit Actual production: 10,000 units Standard fixed overhead rate: $3.20 per machine hour Standard variable overhead rate: $3 per machine hour Actual fixed overhead cost: $45,000 Actual variable overhead cost: $36,000 Actual machine hours: 14,100 hours. Required: 1. What is the budgeted fixed overhead cost? 2. What is fixed overhead budget variance and production volume variance? Indicate whether they are favorable or unfavorable. 3. What is variable overhead spending and efficiency variance? Indicate whether they are favorable or unfavorable.