The following standard overhead costs were developed for one of the products of your company: Variable overhead: 5 hours x $4 per hour 20.00 Fixed overhead: 5 hours x $15 per hour 75.00 Total standard overhead cost per unit $95.00 The following information is available regarding the company's operations for the period: Units produced 20,000 Direct labour 115,000 hours Overhead incurred: Variable $437,500 Fixed $1,320,000 Budgeted fixed overhead for the period is $1,350,000, and the standard fixed overhead rate is based on expected capacity of 90,000 direct labour hours. Required: Show your calculations A. Calculate the variable overhead spending & efficiency variance and indicate whether they favourable or unfavourable. B. Calculate the fixed overhead spending and volume variance and indicate whether they are favourable or unfavourable