period: A company using standard costing system presents the following information for the budget Budgeted variable overheads = Rs. 8,00,000 Budgeted fixed overheads = 5,00,000 Overheads are recovered on the basis of standard machine hours. The company had budgeted for 1,00,000 machine hours for the year. During the budget period the company used 1,10,000 machine hours while it should have used 95,000 machine hours for actual output. Actual variable overheads Rs. 8,00,000 Actual fixed overheads Rs. 4,70,000. Calculate the following variances: (i) Variable overheads cost variance; (ii) Variable overheads spending variance; (iii) Variable overheads efficiency variance; (iv) Fixed overheads cost variance; (v) Fixed overheads expenditure variance; (vi) Fixed overheads volume variance; (vii) Fixed overheads efficiency variance; (viii) Fixed overheads capacity variance.