Sequoia Company developed its overhead application rate from the annual budget, which is based on an expected total output of 720,000 units requiring 3.600,000 machine hours. The company is able to schedule production uniformly throughout the year A total of 66,000 units requiring 315,000 machine hours were produced during May. Actual overhead costs for May amounted to $375,000. The actual costs, as compared to the annual budget and to one-twelfth of the annual budget, are as follows Required: Prepare a schedule showing the following amounts for Sequoia for May: variable overhead spending variance fixed overhead budget variance variable overhead efficiency variance fixed overhead volume variance When appropriate, be sure to indicate whether each variance is favorable or unfavorable