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:

1. Units produced: 83,600
2. Direct labor: 158,900 hours at $18.20
3. FOH: $896,000
4. 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	$