The following data relate to the manufacturing activities of Strauss Company for the first quarter of the current year: Standard activity (in units) 30,000 Actual production (units) 24,000 Budgeted fixed manufacturing overhead $36,000 Variable overhead rate (per unit) $ 4.00 Actual fixed manufacturing overhead $37,200 Actual variable manufacturing overhead $88,800

Compute the overhead budget variance and the overhead volume variance. (Assume overhead is applied based on units produced.)