Problem 3 The Fenton company manufactures one product and provides you with the following information for the year 2014: Normal direct labor hour 155 000 Standard fixed overhead rate Standard fixed overhead cost per unit P 4.00 P 10.00 Units manufactured-actual 60 000 Actual direct labor hours 148 000 Actual overhead- Variable P 475,000 Actual overhead- Fixed P 632,500 Total budgeted overhead P 1,085,000 Required: 1. Compute the variable overhead spending and efficiency variance 2. Compute the fixed overhead spending and volume variance 3. Compute the variance using the 2-way method 4. Compute the variance using the 3-way method 5. Compute the variance using the 4-way method