Problem 4 In 2017, Viking Creations budgeted to sell 10,000 scarves for $80 each. The budgeted standard machine hours for production in 2017 were 50,000 machine hours. Budgeted fixed overhead costs are $100,000, and variable overhead cost was budgeted at $5 per machine-hour. In 2017, Viking Creations experienced a drop in sales due to the increased competition from other giant multinational companies in the industry. Viking Creations used 54,000 machine hours to produce the 9,000 scarves it sold in 2017. Actual variable overhead costs were $216,000 and actual fixed overhead costs were $90,000. The average selling price of the scarves sold in 2017 was $75. Actual direct materials and direct labor costs were the same as standard costs, which were $20 per unit and $18 per unit, respectively. 1. Calculate the variable overhead and fixed overhead variances (spending, efficiency, spending, and volume)