Applied overhead costs. Variable-overhead Spending Variance and Efficiency Variance. (Indicate the effect of each variance by selecting \"Favorable\" or \"Unfavorable\". Select \"None\" and enter \"O\" for no effect (i.e., zero variance), Round \"Projected Overhead\" and \"Flexible Budoet\" th ? derimal Fixed-overhead Budget Variance and Volume Variance. (Indicate the effect of each variance by selecting \"Favorable\" or \"Unfavorable\", Select \"None\" and, \"0\" for no effect (i.e., zero variance), Round \"Applied Overhead\" to 2 decimal places.) Newark Plastics Corporation developed its overhead application rate from the annual budget. The budget is based on an expected total output of 648,000 units requiring \\( 3,240,000 \\) machine hours. The company is able to schedule production uniformly throughout the year. Machine hours is the cost driver for overhead costs. A total of 59,000 units requiring 275,400 machine hours were produced during May. Actual overhead costs for May amounted to \\( \\$ 823,800 \\). The actual costs, as compared to the annual budget and to one-tweifth of the annual budget, are as follows: Required: 1. Prepare a schedule showing the following amounts for Newark Piastics for May. a. Applied overhead costs. b. Variable-overhead spending variance. c. Fixed-overhead budget variance. d. Variable-overhead efficiency variance. e. Fixed-overhead volume variance. Complete this question by entering your answers in the tabs below