Overhead Variances, Four-Variance Analysis, Journal Entries Laughlin, Inc., uses a standard costing system. The predetermined overhead rates are calculated using practical capacity. Practical capacity for a year is defined as 1,000,000 units requiring 200,000 standard direct labor hours. Budgeted overhead for the year is $750,000, of which $300,000 is fixed overhead. During the year, 900,000 units were produced using 190,000 direct labor hours. Actual annual overhead costs totaled $800,000, of which $294,700 is fixed overhead. Required: 1. Calculate the fixed overhead spending and volume variances 5,300Favorable V 30,000 Unfavorable Fixed Overhead Spending Variance Fixed Overhead Volume Variance 2. Calculate the variable overhead spending and efficiency variances Variable Overhead Spending Variance 77,800 Unfavorable Overhead Efcency Varance22,500Unfavorable v