Hamilton Pty Ltd uses a standard costing system for product costing. The company uses direct labour...

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Hamilton Pty Ltd uses a standard costing system for product costing. The company uses direct labour hours as the cost driver to apply overhead costs. The following amounts were budgeted for the year: Planned production units Direct labour hours Variable overhead Fixed overhead 50 000 4 hours per unit X 50 000 200 000 = $1 000 000 $600 000 The following were the actual results: Actual production units Direct labour hours Variable overhead Fixed overhead 48 000 195 000 $950 000 $610 000 Required: (a) Calculate variable overhead spending variance and variable overhead efficiency variance.. (b) Calculate fixed overhead budget variance and fixed overhead volume variance. Hamilton Pty Ltd uses a standard costing system for product costing. The company uses direct labour hours as the cost driver to apply overhead costs. The following amounts were budgeted for the year: Planned production units Direct labour hours Variable overhead Fixed overhead 50 000 4 hours per unit X 50 000 200 000 = $1 000 000 $600 000 The following were the actual results: Actual production units Direct labour hours Variable overhead Fixed overhead 48 000 195 000 $950 000 $610 000 Required: (a) Calculate variable overhead spending variance and variable overhead efficiency variance.. (b) Calculate fixed overhead budget variance and fixed overhead volume variance.