Overhead Varnances, Four-Vanance 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 123,000 units requiring 492,000 direct labor hours. (Practical capacity is 512,000 hours.) Annual budgeted overhead costs total $816,720, of which $585,480 is fred overhead. A total of 119,000 units using 490,000 direct labor hours were produced during the year. Actual variable overhead costs for the year were $261,900, and actual fixed overhead costs were $555,250 Required: 1. Compute the fixed overheod spending and volume variances. 2. Compute the variable overhead spending and efficiency vanances. Do not round intermediate calculations Variable Overhead Spending Variance Variable Qverhead Efficiency Variance