Munich Ltd. uses a combined overhead rate of $2.90 per machine hour to apply overhead to products. The rate was developed at an expected capacity of 264,000 machine hours; each unit of product requires two machine hours to produce. At 264,000 machine hours, expected fixed overhead for Munich Ltd. is $250,800.
During November, the company produced 11,960 units and used 24,300 machine hours. Actual variable overhead for the month was $47,100 and fixed overhead was $20,000. Calculate the overhead spending, efficiency, and volume variances for November.