Variance Analysis (Labor and Overhead): Calculate the labor rate variance, labor efficiency variance, variable overhead spending variance, and fixed overhead volume variance for IBM Corporation, with the following data:

• Actual Labor Rate: $20 per hour
• Standard Labor Rate: $18 per hour
• Actual Hours Worked: 10,000 hours
• Standard Hours Allowed: 9,500 hours
• Actual Variable Overhead Costs: $15,000
• Standard Variable Overhead Costs: $12,000
• Actual Fixed Overhead Costs: $20,000
• Budgeted Fixed Overhead Costs: $18,000