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: $8.40 Standard fixed-overhead rate per hour: $13.40 Planned activity during the period: 29,000 machine hours Actual production: 17,200 finished units Machine-hour standard: Two completed units per machine hour Actual variable overhead: $237,000 Actual total overhead: $645,000 Actual machine hours worked: 30,000 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?