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(Appendix) Calculating factory overhead: four variances Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to $20,000. The standard cost for a unit of the company's product estimates the variable overhead as follows: Variable factory overhead (3 hours @ \$2 per direct labor hour). ..... $6 per unit The actual data for the period follow: Actual completed units Actual direct labor hours Actual variable overhead Actual fixed overhead Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)