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Overbesd Variances, Four-Variance Analysis Oerstman, thc, uses a standard costing system and deveipps in overthead rates from the current annual budget. The budget is based on an expected annual output of 124,000 units requiring 496,000 direct labor hours. (Practical copscity w 516,000 hours.) Annual budgeted overhead costs total $823,360, of which $590,240 is fixed overhead. A total of 119,100 units using 494,000 direct lobor hours were produced during the vear. Actual variable overhead costs for the vear were $261,400, and actual fixed overhead costs were $555,850. Required: 1. Compute the fored overhead spending and volume variances