Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 648,000 units requiring 3,240,000 machine hours. The company is able to schedule production uniformly throughout the year. Machine hours is the cost driver for overhead costs. A total of 64,800 units requiring 275,400 machine hours were produced during May. Actual overhead costs for May amounted to $607,800. The actual costs, as compared to the annual budget and to one-twelfth of the annual budget, are as follows: NEWARK PLASTICS CORPORATION Annual Budget Per Unit Per Machine Hour Monthly Budget Actual Costs for May $1,879,200 1,231,200 $ 2.90 1.90 $0.58 0.38 $156,600 $174,600 102,600 102,600 1,036,800 1.60 0.32 86,400 80,400 972,000 1.50 0.30 81,000 99,000 1,814,400 2.80 0.56 151,200 $6,933,600 $10.70 $2.14 $577,800 151,200 $607,800 Variable overhead: Indirect material Indirect labor Fixed overhead: Supervision Utilities Depreciation Total Amount Total Required: 1. Prepare a schedule showing the following amounts for Newark Plastics for May. a. Applied overhead costs. b. Variable-overhead spending variance. c. Fixed-overhead budget variance. d. Variable-overhead efficiency variance. e. Fixed-overhead volume variance. Complete this question by entering your answers in the tabs below. Req 1A Req 1B and 1D Req 1C and 1E Variable-overhead Spending Variance and Efficiency Variance. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "Projected Overhead" and "Flexible Budget" to 2 decimal places.) Variable Overhead Actual Overhead Spending Variance Budgeted Overhead at Actual Hours Efficiency Variance $ 0.00 Flexible Budget (Applied Overhead) $ 0.00 Machine hours $ 0 $ 0 $ 0