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Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 720,000 units requiring 3,600,000 machine hours. The company is able to schedule production uniformly throughout the year. Machine hours is the cost driver for overhead costs. A total of 66,000 units requiring 315,000 machine hours were produced during May. Actual overhead costs for May amounted to $375,000. The actual costs, as compared to the annual budget and to one-twelfth of the annual budget, are as follows: Required: 1. Prepare a schedule showing the following amounts for Newark Plastics for May. a. Applied overhead costs. b. Variable-overhead spending variance. c. Fixed-overhead budget variance. d. Variable-overhead efficiency variance. e. Fixed-overhead volume variance. Complete this question by entering your answers in the tabs below. Applied overhead costs. Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 720,000 units requiring 3,600,000 machine hours. The company is able to schedule production uniformly throughout the year. Machine hours is the cost driver for overhead costs. A total of 66,000 units requiring 315,000 machine hours were produced during May. Actual overhead costs for May amounted to $375,000. The actual costs, as compared to the annual budget and to one-twelfth of the annual budget, are as follows: Required: 1. Prepare a schedule showing the following amounts for Newark Plastics for May. a. Applied overhead costs. b. Variable-overhead spending variance. c. Fixed-overhead budget variance. d. Variable-overhead efficiency variance. e. Fixed-overhead volume variance. Complete this question by entering your answers in the tabs below. Variable-overhead Spending Variance and Efficiency Variance. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Sel "None" and enter "0" for no effect (i.e., zero variance). Round "Projected Overhead" and "Flexible Budget" to 2 decimal places.) Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 720,000 units requiring 3,600,000 machine hours. The company is able to schedule production uniformly throughout the year. Machine hours is the cost driver for overhead costs. A total of 66,000 units requiring 315,000 machine hours were produced during May. Actual overhead costs for May amounted to $375,000. The actual costs, as compared to the annual budget and to one-twelfth of the annual budget, are as follows: Required: 1. Prepare a schedule showing the following amounts for Newark Plastics for May. a. Applied overhead costs. b. Variable-overhead spending variance. c. Fixed-overhead budget variance. d. Variable-overhead efficiency variance. e. Fixed-overhead volume variance. Complete this question by entering your answers in the tabs below. Fixed-overhead Budget Variance and Volume Variance. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None and enter "0" for no effect (i.e., zero variance). Round "Applied Overhead" to 2 decimal places.)