Simpson Manufacturing has the following standard cost sheet for one of its products: Total $ 10 50 Direct materials Direct labor Variable factory overhead Fixed factory overhead Cost per unit 5 pounds at $2 per pound 2 hours at $25 per hour 2 hours at $5 per hour 2 hours at $20 per hour 10 40 $ 110 The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Units manufactured 376 Direct materials purchased and used 1,880 pounds $ 20,680 Direct labor incurred 830 hours 22,410 Variable factory overhead incurred 5,312 Fixed factory overhead incurred 15,800 Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: Account Work-in-process inventory Finished goods inventory Cost of goods sold Debit (total) Credit (total) $ 177,000 $ 142,640 142,640 119,690 119,690 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the following factory overhead cost variances using three-variance analysis: a Overhead spending variance b. Overhead efficiency variance c. Fixed overhead production volume variance