Cha Chapter 24: Standard Costing and Variance Analysis LO5 Overhead Variances SE8. Meanwhile Products uses standard costing. The following information about over- head was generated during August: Standard variable overhead rate Standard fixed overhead rate Actual variable overhead costs Actual fixed overhead costs Budgeted fixed overhead costs Standard machine hours per unit produced Good units produced $2.50 per machine hour $3.00 per machine hour $60,100 $68,800 $70,000 2.8 8,000 24,200 Actual machine hours Compute the variable overhead spending and efficiency variances and the fixed overhead budget and volume variances