Taylor Inc. uses a standard cost system. The company has the following results for the current period: Fixed overhead Units Direct labour-hours (DLH) Standard quantity of DLH per unit Budget $160,000 6,500 units 13,333 hours 2.0152 hours Actual $160,000 6,000 units 12,500 hours Variable overhead is applied at $27.50 per direct labour-hour. Actual variable overhead was $310.600. Required: 1. Compute the fixed overhead budget variance and the volume variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) $ Budget variance Production volume variance 0 None U 2. "Because the actual overhead and the budgeted overhead are the same the volume variance is 0." True or false? Show calculations. True False 3. Compute the total variable overhead variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect i.e., zero variance).) Total variable overhead variance