The following information is pertaining to a normal monthly activity of 10,000 units. Standard factory overhead rates are based on a normal monthly volume of one standard direct labor hour per unit. The total budgeted overhead cost is $160,000, of which the budgeted fixed overhead cost is $60,000. The units actually produced in curreut month were 9,700 units. The actual fictory fixed overhead costs incurred were $70,000 and the actual variable overhead costs incurred were $86,000. The actual direct labor hours were 9,000 hours. Required: (1) Prepare the journal entries to record the fixed overhead variances. (2) Briefly explain the fixed overhead volume variance