Wingnut Company produces a single product and applies overhead on the basis of direct labor hours. The company's budget projected variable overhead of $2 per direct labor hour, and fixed overhead costs of $180,000 for the year. The company's product requires 4 feet of direct material that has a standard cost of $3 per foot. The product requires 1.5 hours of direct labor time. The standard labor rate is $12 per hour. During the year, the company planned to operate at a denominator activity level of 30,000 direct labor hours and to produce 20,000 units of product. Actual activity and costs for the year were as follows: Number of units produced 22,000 Actual direct labor hours worked 35,000 Actual variable overhead costs $63,000 Actual fixed overhead costs $181,000 a) For the year, Overhead was Over/Under by $ b) What was the variable overhead rate variance? ble overhead rate variance? FU c) What was the labor efficiency variance FU d) What was the fixed overhead volume variance? FU e) The firm had no finished goods inventory at the beginning of the year, but ended the year with $46,200 of finished goods inventory. How many units did they sell during the year? OU