Exercise 9.22 Overhead Variances, Four-Variance Analysis, Journal Entries Laughlin, Inc., uses a standard costing system. The predetermined overhead rates are calculated using practical capacity. Practical capacity for a year is defined as 1,000,000 units requiring 200,000 standard direct labor hours. Budgeted overhead for the year is $750,000, of which $300,000 is fixed overhead. During the year, 900,000 units were produced using 190,000 direct labor hours. Actual annual overhead costs totaled $800,000, of which $294,700 is fixed overhead Required: 1. Calculate the fixed overhead spending and volume variances. Select your answer Fixed overhead Spending Variance Fixed overhead volume variance Select your answer v 2. Calculate the variable overhead spending and efficiency variances. Select your answer -v Variable overhead spending Variance Variable Overhead Efficiency Variance s Select your answer -LV