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XYZ Corporation has budgeted $45 per direct labor hour for variable overhead and $900,000 per month for fixed overhead. Actual production for May was 24,000

XYZ Corporation has budgeted $45 per direct labor hour for variable overhead and $900,000 per month for fixed overhead. Actual production for May was 24,000 units, and actual direct labor hours worked were 16,000. Actual variable overhead costs were $540,000, and actual fixed overhead costs were $950,000. Calculate the total overhead variance and break it down into variable and fixed overhead variances.

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