Overhead Variances At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Direct materials (4 lbs. @ $2.80) $11.20 Direct labor (2 hrs. @ $18.00) 36.00 FOH (2 hrs. @ $5.20) 10.40 VOH (2 hrs. @ $0.70) 1.40 Standard cost per unit $59.00 Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: Units produced: 90,100 Direct labor: 158,900 hours at $18.80 FOH: $846,000 VOH: $114,900 Required: 1. Compute the variable overhead spending and efficiency variances. Spending variance $ Efficiency variance $ 2. Compute the fixed overhead spending and volume variances. Spending variances $ Volume variances $