Q3 (30 MINUTES, 20 MARKS) Hunter Company uses a standard cost system when accounting for its sole product. Planned production is 60,000 process hours per month, which gives rise to the following per-unit standards: Variable overhead: 13 hours at $15 per hour Fixed overhead: 13 hours at $7 per hour During September, 5,100 units were produced and Hunter incurred the following overhead costs: variable, $942,500; fixed, $429,000. Actual process hours totaled 65,000. REQUIRED: 1. Calculate the spending and efficiency variances for variable overhead. = 2. Calculate the budget and volume variances for fixed overhead