World Company expects to operate at 80% of its productive capacity of 56,250 units per month. At this planned level, the company expects to use 27,900 standard hours of direct labor. Overhead is allocated to products using a predetermined standard rate based on direct labor hours. At the 80% capacity level, the total budgeted cost includes $64,170 fixed overhead cost and $315,270 variable overhead cost. In the current month, the company incurred $340,000 actual overhead and 24,900 actual labor hours while producing 38,000 units. (1) Compute the overhead volume variance. (Round all your intermediate calculations to 2 decimal places.) Fixed Overhead Applied Fixed OH per DL hr Standard DL hours Fixed Overhead applied 2.30 19,000 64,170 Volume Variance Total actual overhead cost 58,630 281,370 Total variable overhead applied Volume variance 19,584 Favorable avorable