Question 4 (6 points) A company has a standard costing system that applies fixed overhead using a predetermined overhead rate (POHR) of $15 per machine hour, based on total budgeted fixed expenses of $180,000. Each product should require four machine hours. The most recent year had the following results Actual number of units produced 3,400 Actual machine hours 15,300 Actual variable overhead costs $58,140 Actual fixed overhead costs $179,000 Denominator hours 12,000 Required: Calculate the fixed overhead budget and volume variances. (6 marks) Show your work and label your variances (name of variance and favourable or unfavourable)