Problem #2 Joey Bryce Company has the following monthly flexible budget information based on an expectation of operating at 80% of the factory's capacity or 10,000 units produced: Operating Levels 7010 8,000 16,000 80% 90% Budgeted output in units Budgeted labor (standard hours) Budgeted overhead 12,000 24,000 10,000 20,000 48,000 $60,000$ 72,000 Variable overhead Fixed overhead Total overhead 40,000 40,000 40,000 During the current month, the company operated at 70% of capacity and employees worked 16,500 hours and the flowing actual overhead costs were incurred: Variable overhead Fixed overhead Total overhead S 47.300 41,000 $88,300 Required: 1. Compute the predetermined overhead rate per direct labor hour for variable overhead, fixed overhead, and total overhead. Compute the variable overhead spending and efficiency variances. Compute the fixed overhead spending and volume variance. 2. 3