Maxwell Company uses a standard cost accounting system and applies production overhead to products on the basis of machine hours. The following information is available for the year just ended: Standard variable-overhead rate per hour: $6.80 Standard fixed-overhead rate per hour: $12.20 Planned activity during the period: 16,000 machine hours Actual production: 10,700 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $145,200 Actual total overhead: $415,800 Actual machine hours worked: 22,000 Required: 1. Calculate the budgeted fixed overhead for the year. 2. Compute the variable-overhead spending variance. 3. Calculate the company's fixed-overhead volume variance. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? 4-b. What was the difference in actual and anticipated overhead? 5. Was variable overhead underapplied or overapplied during the year? By how much?