Exercise 16-42 (Algo) Fixed Cost Variances (LO 16-6) Information on Carney Company's fixed overhead costs follows: Overhead applied Actual overhead Budgeted overhead $362,000 388,500 374,000 Required: What are the fixed overhead price and production volume variances? (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Fixed overhead price variance Fixed overhead production volume variance