Oerstman, Inc, uses a standard costing system and develops its overhead rates from the current annual budget. The budget is based on an expected annual output of 120,000 units requlring 480,000 direct labor hours. (Practical capocity is 500,000 hours.) Annual budgeted overhead costs total $787,200, of which $556,800 is fixed overhead, A total of 119,400 units using 478,000 diect labor hours were produced during the year, Actual variable overhead costs for the year were $230,600, and actua fixed overthesd costs were 5556,250 Required: 1. Compute the frxed overhead spending and volume variances. Fixed Overhead Spending Variance Fixed Overhead Volume Variance 2. Compute the variable overhead spending and efficiency variances. Variable Overhead Spending Variance Variable Overhead Efficlency Variance