Overhead Variances At the begiming of the year, Lopez Company had the following stondard cost sheet for one of ins chemical products: Lopez computes its overhesd rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at $18.10; (c) FOH: $831,000; and (d) voH: $112,400. Required: 1. Compute the variable overhead spending and efficiency variences. Enter amounts as poskive numbers and select Favorable or Unfavorable. 2. Compute the fixed overhead spending and volume variances. Enter amounts as positive numbers and seiect Faverable or Unfavorable. Spending variance 4 Volume variance