Jasra Brother Pvt Ltd. produces cases of frozen food. During May 2021, the company produced 1500 cases of food and incurred the following actual costs: Variable overhead $ 15 000 Fixed overhead 27 000 66 000 Actual material cost (30 000 kilograms purchased and used) Actual direct labour cost (8 000 direct labour hours) 151 200 Standard cost and annual budget information is as follows: Standard cost per case Direct labour (5 hours @ $18) $ 90.00 Direct material (20 kilograms @ $2) 40.00 Variable overhead (5 hours @ $1.50) 7.50 Fixed overhead (5 hours @ $3) 15.00 Total $152.50 Annual budget information Variable overhead $150 000 Fixed overhead $300 000 Planned activity for year 100 000 direct labour hours Required: Calculate the following variances, indicating whether each variance is favourable or unfavourable: 1. Variable overhead spending variable 2. Variable overhead efficiency variable [3 marks] [3 marks] 3. Fixed overhead budget variance [3 marks] 4. Fixed overhead volume variance [3 marks]