LASER PRODUCTS Maria Lopez is the newly appointed president of Laser Products. She is examining the May 2007 results for the Aerospace Products Division. This division manufactures wing parts for satellites. Lopez's current concern is with manufacturing overhead costs at the Aerospace Products Division. Both variable and fixed manufacturing overhead costs are allocated to the wing parts on the basis of laser-cutting hours. The following budget information is available:Actual results for May 2007 are:Required Compute the spending variance and the efficiency variance for variable manufacturing overhead. Compute the spending variance and the production-volume variance for fixed manufacturing overhead. Give two explanations for each of the variances calculated in requirements 1 and 2