Compute the fixed overhead spending and volume variances. Label each variance as favorable or unfavorable

At the beginning of the year, Jones Company had the following standard cost sheet for one unit of its product: FOH (2 labor hours for one unit (a $5.20 per labor hour) $10.40 Jones computes its overhead rates using practical volume, which is 80,000 units. The actual results for the are as follows: a. Units produced: 78,400 b. Fixed overhead costs: $886,000 Required: Compute the fixed overhead spending and volume variances. Label each variance as favorable or unfavorable