The condensed flexible budget of the Evergreen Company for the year is given below: Direct labor-hours Overhead costs: Variable costs Fixed costs Direct labor-hours 30,000 40,000 50,000 $75,000 ? ? ? $320,000 ? The company produces a single product that requires 2.5 direct labor-hours to complete. The direct labor wage rate is $7.50 per hour. Three yards of raw material are required for each unit of product, at a cost of $5 per yard. Assume that the company chooses 50,000 direct labor-hours as the denominator level of activity, but actually worked 48,000 hours during the year, producing 18,500 units. Actual overhead costs for the year are: Variable costs Fixed costs Total overhead costs $124,800 321,700 $446,500 Required: (Be sure to indicate whether the variances are favorable or unfavorable.) a. Compute the variable overhead price variance and the variable overhead efficiency variance. b. Compute the fixed overhead spending (budget) variance and the production volume variance. Show your work. GO 0 Paragraph