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Overhead Variances, four-Variance Analysis Oerstman, Inc, uses a standard costing syatem and develops its overhead rates from the current annual budpet. The budget is based on an expected annual output of 124,000 units requiring 496,000 direct labor hours. (Practical capacity is 516,000 hours.) Annual budgeted overhead costs total $823,360, of which $590,240 is fixed overheod. A total of 119,100 units usinp 494,000 direct labor hours were produced during the vear, Actual variable overheod costs for the year were $261,400, and actual fixed overhead costs were $555,850. Required: 1. Compute the fixed ovechead spending and volume variances. 2. Compute the variabie overhead spending and efficiency variances. Do not round intermediate calculations 1. The fourvariance method calculates two variances for variable overhead and two variances for fixed overhead. 2. The four variance method calcutates two variances for variable overhead and two variances for fixed overhead