E9-14 (Algo) Calculating Fixed Manufacturing Overhead Spending, Volume Variances [LO 9-51] Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL'S standard cost card follows: Variable manufacturing overhead Standard Standard Standard Quantity Rate Unit Cost 0.6 50.48 During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours 23,700 9,490 16,000 Lamp Light Limited (LLL) calculates a fixed overhead rate based on budgeted fixed overhead of $90,800 and budgeted production of 22.700 units. Actual results were as follows: Number of units produced and sold Actual fixed overhead Required: 23,700 1. Calculate the fixed overhead rate based on budgeted production for LLL 2. Calculate the fixed overhead spending variance for LLL 3. Calculate the fixed overhead volume variance for LLL 4. Calculate the over- or underapplied fixed overhead for LLL Check my work