Overhead Varlances, Four-Variance Analysis, Journal Entries Laughtin, 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 standard direct labor hours Budgeted overhead for the year is $750,00, of which $300,000 is fxed overhead. During the year, 900,000 units were pro annual overhead costs totaled $800,000, of which $294,700 is fixed overhead Required 1. Calculate the floxed overhead spending and volume variances Fixed Overhead Spending Varlance Fixed Overhead Volume Variance 2.Calculate the variable overhead spending and efficiency variances ,300 Favorable v 30,00 Unilavorable Variable Overhead Spending Variance 7,800 Unfavorable Variable Overhead Efficiency Variance 22,500 Unlavorable v