Overhead Variances, Four$-$Variance Analysis

Oerstman, Inc., uses a standard costing system and develops its overhead rates from the current annual budget. The budget is based on an expected annual output of $121,000$ units requiring $484,000$ direct labor hours. $($Practical capacity is $504,000$ hours.$)$ Annual budgeted overhead costs total $$779,240,$ of which $$561,440$ is fixed overhead. A total of $119,000$ units using $482,000$ direct labor hours were produced during the year. Actual variable overhead costs for the year were $$260,700,$ and actual fixed overhead costs were $$555,450.$

Required:

$1.$ Compute the fixed overhead spending and volume variances.

Fixed Overhead Spending Variance?

Fixed Overhead Volume Variance?

$2.$ Compute the variable overhead spending and efficiency variances. Do not round intermediate calculations

Variable Overhead Spending Variance?

Variable Overhead Efficiency Variance?