Oerstman, inc, uses a standard costing system and develops its overhead rates from the current annual budget. The budget is bosed on an expected annual output of 121,000 units requiring 484,000 direct labor hours. (Practical capacty is 504,000 hours.) Aninual budgeted overhiead costs tatal 5788,920 , of which 5571, t20 is fxed overhead. A total of 119,200 units using 482,000 direct labor hours were produced during the yaar. Actual variable overhead costs for the year were $262,000, and actual fixed overhead costs were $555,250. Required: 1. Comoute the foxed overhead spending and volume variances: 2. Compute the variable overhead spending and efficiency variances. Do not round intermediate calculations Variable Overhead Spending Variance Variable Overhead Emiciency Variance