S Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 708,000 units requiring 3,540,000 machine hours. The company is able to schedule production uniformly throughout the year. Machine hours is the cost driver for overhead costs. A total of 69,000 units requiring 300,900 machine hours were produced during May. Actual overhead costs for May amounted to $1,044,800. The actual costs, as compared to the annual budget and to one-twelfth of the annual budget, are as follows: NEWARK PLASTICS CORPORATION Variable overhead: Indirect material Indirect labor Fixed overhead: Supervision Utilities Depreciation Total Required: Annual Budget Per Total Amount Per Unit Machine Hour Monthly Budget Actual Costs for May $ 2,973,600 $ 4.20 2,265,600 3.20 $0.84 0.64 $ 247,800 188,800 $ 265,800 188,800 2,053,200 2.90 0.58 171,100 165,100 1,982,400 2.80 0.56 165,200 183,200 2,902,800 4.10 0.82 241,900 241,900 $12,177,600 $17.20 $3.44 $1,014,800 $1,044,800 1. Prepare a schedule showing the following amounts for Newark Plastics for May. a. Applied overhead costs. b. Variable-overhead spending variance. c. Fixed-overhead budget variance. d. Variable-overhead efficiency variance. e. Fixed-overhead volume variance.