Exercise 23-11 Computation of volume and controllable overhead variances LO P3 World Company expects to operate at 80% of its productive capacity of 56,250 units per month. At this planned level, the company expects to use 27,900 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate based on direct labor hours. At the 80% capacity level, the total budgeted cost includes $64,170 fixed overhead cost and $315,270 variable overhead cost. In the current month, the company incurred $340,000 actual overhead and 24,900 actual labor hours while producing 38,000 units. (1) Compute the overhead volume variance. (Round all your intermediate calculations to 2 decimal places.) Fixed Overhead applied Fixed OH per DL hr. Standard DL hours Fixed Overhead applied Volume variance Total actual overhead cost $340,000 Total variable overhead applied Fixed overhead volume variance