Overhead Variances

Meanwhile Products uses standard costing. The following information about overhead was generated during August:

Standard variable overhead rate	$2.50 per machine hour
Standard fixed overhead rate	$3.00 per machine hour
Actual variable overhead costs	$60,100
Actual fixed overhead costs	$68,800
Budgeted fixed overhead costs	$70,000
Standard machine hours per unit produced	2.8
Good units produced	8,000
Actual machine hours	24,200

Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances.

Variable overhead spending variance______	$	SelectFavorableUnfavorableNo effect
Variable overhead efficiency variance______	$	SelectFavorableUnfavorableNo effect
Fixed overhead budget variance________	$	SelectFavorableUnfavorableNo effect
Fixed overhead volume variance__________	$	SelectFavorableUnfavorableNo effect