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: $7.50

Standard fixed-overhead rate per hour: $12.40

Planned activity during the period: 19,000 machine hours

Actual production: 12,200 finished units

Machine-hour standard: Two completed units per machine hour

Actual variable overhead: $153,180

Actual total overhead: $432,900

Actual machine hours worked: 22,200

Required:

1. 1. Calculate the budgeted fixed overhead for the year.

2. 2. Compute the variable-overhead spending variance.

3. 3. Calculate the companys fixed-overhead volume variance.

4. 4-a. Did Maxwell spend more or less than anticipated for fixed overhead? How much?

5. 4-b. What was the difference in actual and anticipated overhead?

6. 5. Was variable overhead underapplied or overapplied during the year? By how much?