Luxury Clothing is a manufacturer of designer suits. For June 2017, each suits budgeted to take 4 labor hours. The budgeted number of suits to be manufactured in June 2017 is 1,160. Luxury Clothing allocates fixed manufacturing overhead to each suit using budgeted direct manufacturing labor hours per suit Data pertaining to fixed manufacturing overhead costs for June 2017 are budgeted, $78,880, and actual, 563,900. In June 2017 there were 1.220 suits started and completed. There were no beginning or ending inventories of suits. Requirements 1. Compute the spending variance forfwed manufacturing overhead Comment on the results. 2. Compute the production volume variance for June 2017 What inferences can Luxury Clothing draw from this variance? Requirement 1. Compute the spending variance for fixed manufacturing overhead. Comment on the results Begin by computing the following amounts for the fixed manufacturing overhead Flexible Budget Same Budgeted Same Budgeted Lump Sum Lump Sum Actual Costs Regardless of Regardless of Allocated Incurred Output Level Output Level Overhead